Mattel CEO Ynon Kreiz to resign before the holiday season

It's the end of an era at Barbie maker Mattel (MAT).

Longtime CEO Ynon Kreiz will be stepping down as CEO effective Oct. 2. He will be replaced by board member Roger Lynch.

Kreiz has been Mattel's CEO since 2018.

Mattel stock fell by over 3% in premarket trading on the news.

This story is breaking. More updates to come.

Brian Sozzi is Yahoo Finance's Executive Editor, host of the Sozzi Unleashed morning show, the 'Power Players With Brian Sozzi' podcast and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.