Mattel is getting a new chief executive, as the company behind Barbie has struggled to turn its toy business into a movie business.

The El Segundo company is set to be led by Roger Lynch, who is stepping down from his role as chief executive at the publisher Condé Nast after more than 7 years with the company. Lynch has served as a Mattel board member since 2018.

Lynch will replace Ynon Kreiz, who has led Mattel since 2018 and helped bring it to Hollywood stardom with "Barbie" the movie.

In February, Mattel announced weak holiday sales and said it expected another slow year after its iconic Barbie doll lost some popularity.

The doll and its many variants have been losing momentum since her latest 15 minutes in the spotlight following the 2023 hit movie "Barbie." This year, Mattel says it will increase its focus on making more digital games and toys tied to movie franchises.

Mattel returned to theaters this year with "Masters of the Universe," a movie centered around the action hero He-Man that disappointed at the box office.

"Masters of the Universe" opened in June to a soft $29.3 million domestically, a weak debut that was widely expected given the broader struggles facing superhero movies in the U.S. The film's challenge was compounded by the fact that "Masters of the Universe" was intended to reintroduce the '80s-era action hero He-Man to a new audience — meaning the brawny character had less name recognition to draw on.

Mattel will hope to find more media success with Lynch, who has previously served as chief executive for the music company Pandora and television service Sling TV.

"Throughout his service on the Board, Roger has been an invaluable contributor to shaping the company's direction in the midst of its expansion into entertainment and digital products," said Mattel board member Judy Olian in a statement. "The Board is most grateful for Ynon's eight years of transformational leadership."

Kreiz is leaving Mattel for another public company, Mattel said in a statement Wednesday.

"It has been a privilege to lead Mattel," Kreiz said in a statement. "Mattel is in a position of strength, with a world-class brand portfolio, product offering, and global capabilities."

Mattel shares tumbled more than 5% in early trading Wednesday. Its stock price is down more than 35% so far this year.

While Mattel's Hot Wheels were hot and its party card game Uno attracted new fans last holiday season, the company's Fisher-Price line, which makes educational toys for infants, toddlers and preschoolers, has lagged along with Barbie dolls.

Last year, its net sales were about $5.3 billion, down 1% from the year before, according to the company's unaudited financial statements. Its projection for this year also disappointed investors. The company lost close to $1 billion in market value as investors dumped its shares.

Despite efforts to create buzz around the Barbie brand — including a diabetes Barbie and an autism Barbie — gross billings for Barbie products slid 11% last year, following a similar decline in 2024.

Mattel could get some traction with a deal to develop and market toys tied to the Teenage Mutant Ninja Turtles franchise, which is scheduled to have a new movie next year.

Despite its recent struggles, Lynch said in a statement he is optimistic about the future.

"Mattel has leveraged the power of its world-class brands, attracted exceptional entertainment partners, and strengthened its balance sheet," he said. "The company is well positioned for its next phase of profitable growth and its exciting new chapter."

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