Mattel has long been known for making toys that define generations. But under CEO Ynon Kreiz, the company has been reshaping itself into an entertainment-driven powerhouse. 2023 blockbuster Barbie proved that strategy pays off, and Kreiz doubles down. Since taking over in 2018, he has led a turnaround of the business that has seen the pair cut costs with an aggressive push into film and television, including multiple releases slated for 2026.
“It’s been a transformation of our mission and strategy: from being a toy company that made things, to becoming an IP company that owns franchises,” Kreiz said while speaking at the HBR Leadership Summit 2026 on May 20.
The strategy reflects Kreiz’s background in entertainment. Prior to Mattel, he founded Fox Kids Europe, served as a general partner at Benchmark Capital Europe, and served as CEO of Endemol, the company behind shows such as Big Brother again Deal or Not. He later led Maker Studios, a digital video pioneer.
When Kreiz arrived at Mattel, he was tasked with making changes. He streamlined operations, cut the number of non-productive people from 13,500 to about 8,000, and streamlined the company’s strategy—which had previously been kept in a three-inch binder.
“We redefined the strategy and put it on one page,” Kreiz said. “It doesn’t make it any easier to do, but at least it’s a lot clearer to understand.”
More importantly, he reoriented the company in terms of product management. Mattel needed leaders who understood not just toys, but how to expand intellectual property into all things entertainment and more.
That idea stuck to her Barbie. Directed by Greta Gerwig, the film became a cultural phenomenon, grossing over $1.4 billion worldwide and becoming the highest-grossing film of 2024.
“The purpose of Barbie the movie wasn’t about creating a movie that would really drive toy sales, and it wasn’t about making a movie for the sake of making a movie. It was about creating a cultural event,” said Kreiz.
Mattel’s approach is to give filmmakers the creative freedom to redefine its brands—from Hot Wheels to American Girl, Polly Pocket and Uno—to a modern audience.
“Today’s fans don’t care that Barbie has been around for 64 years or that American Girl is celebrating its 40th anniversary this year,” he said. “We need to go beyond the past, the legacy, the deep quality that has been given to our products, and transfer it to the modern world to make it useful and modern.”
The company was moving fast. As of 2023, Mattel reportedly had 45 films in development. Upcoming projects include the A24 takeover of Barney, a Bob the Builder animated film, and the Matchbox movie for Apple TV starring John Cena.
The following is Masters of the UniverseJune 5 release directed by Travis Knight and Jared Leto and Idris Elba. Although the film is very different Barbie with voice and audience, Kreiz said the basic strategy remains the same: trusting creators to bring Mattel’s brands to life.
“It’s a great movie, and I think it will represent the breadth of our offerings, from the pink world of Barbie to the dark world of Eternia—and everything in between,” Kreiz said.
