Officer and Director Change

Mattel, Inc. announced a change in its executive leadership. Effective May 1, 2026, Steve Totzke will step down as President and Chief Commercial Officer and will transition to an Executive Advisor and President, Strategic Transition role until December 31, 2026. Sanjay Luthra, currently Executive Vice President and Managing Director of EMEA and Global Direct-to-Consumer, will succeed Totzke as Chief Commercial Officer. Luthra will report to Chairman and CEO Ynon Kreiz. Totzke will receive severance payments and benefits as per his separation agreement, including continued compensation, car allowance, and health premium payments for a period. The company also provided details on mutual non-disparagement clauses and cooperation requirements during the transition period. This change is accompanied by a press release detailing Totzke's contributions and Luthra's qualifications.