CEO Ynon Kreiz is transforming the toymaker into an entertainment-driven IP company. Photo by Frederic J. Brown/AFP via Getty Images

Mattel has long been known for making toys that defined generations. But under CEO Ynon Kreiz, the company has been reshaping itself into an entertainment-driven brand powerhouse. The 2023 blockbuster Barbie proved that strategy was paying off, and Kreiz is doubling down. Since taking over in 2018, he has led a corporate turnaround that pairs cost-cutting with an aggressive push into film and television, including multiple releases planned for 2026.

“It has been an evolution of our purpose and strategy: from being a toy manufacturing company that was making items, to become an IP company that is managing franchises,” said Kreiz while speaking at the HBR Leadership Summit 2026 on May 20.

The strategy reflects Kreiz’s background in entertainment. Before Mattel, he co-founded Fox Kids Europe, worked as a general partner at Benchmark Capital Europe, and served as CEO of Endemol, the company behind shows like Big Brother and Deal or No Deal. He later led Maker Studios, a digital video pioneer.

When Kreiz arrived at Mattel, he was tasked with a turnaround. He streamlined operations, cutting non-manufacturing headcount from 13,500 to around 8,000, and simplified the company’s strategy—which had previously been kept in a three-inch-thick binder.

“We redefined the strategy and brought it down to one page,” said Kreiz. “Doesn’t make it necessarily easy to execute, but at least it’s very clear to understand.”

More importantly, he reoriented the company around brand management. Mattel needed leaders who understood not just toys, but how to expand intellectual property across entertainment and other verticals.

That vision came into focus with Barbie. Directed by Greta Gerwig, the film became a cultural phenomenon, grossing more than $1.4 billion worldwide and becoming the highest-grossing film of 2024.

“The goal of the Barbie movie was not to create a film that would drive toy sales necessarily, and it wasn’t even about making a movie for the purpose of making a movie. It was about creating a cultural event,” said Kreiz.

Mattel’s approach is to give filmmakers creative freedom to reinterpret its brands—from Hot Wheels to American Girl, Polly Pocket and Uno—for modern audiences.

“Today’s fans, they don’t care that Barbie has been around for 64 years or that American Girl is celebrating her 40th anniversary this year,” he said. “We need to traverse from the past, the legacy, the heritage, the deep quality that is vested in our brands, and transpose it to today’s world to make it relevant and current.”

The company has been moving quickly. As of 2023, Mattel reportedly had 45 films in development. Upcoming projects include an A24 take on Barney, a Bob the Builder animated film, and a Matchbox movie for Apple TV starring John Cena.

Next up is Masters of the Universe, a June 5 release directed by Travis Knight and starring Jared Leto and Idris Elba. While the film differs sharply from Barbie in tone and audience, Kreiz said the underlying strategy remains the same: trust creators to bring Mattel’s brands to life.

“It is a great movie, and I think it will represent the breadth of our offerings, from the pink world of Barbie all the way to the dark world of Eternia—and everything in between,” said Kreiz.