On October 19, 2026, Mattel, Inc. announced that Peter Griffith has been appointed as the company’s Chief Financial Officer, effective October 20, 2026. Griffith will also serve as a non-independent director of the Board. He succeeds Paul Ruh, who will step down as CFO on October 19, 2026, and will remain with the company as an Executive Advisor through December 31, 2026.

Griffith, age 67, most recently served as Executive Vice President and CFO of Amgen from January 2020 to August 2026. Prior to Amgen, he was President of Sherwood Canyon Group, LLC, a private equity firm. He spent more than two decades at EY (Ernst & Young), where he served as Global Vice Chair, Corporate Development, and Global Managing Partner, Operations and Finance. Before that, he was a Managing Director and Head of the Investment Banking Division at Wedbush Securities Inc.

According to the Offer Letter entered into on October 14, 2026, Griffith will receive an annual base salary of $1,300,000. He is eligible for an annual target bonus under the Mattel Incentive Plan equal to 100% of his base salary, with a maximum opportunity of 200% of his base salary. The bonus eligibility will commence in the 2027 performance year. Griffith will also receive a new-hire performance-based restricted stock unit (PSU) award valued at $3,300,000, which will vest at the end of a three-year period if Mattel achieves a relative total shareholder return equal to or greater than the 55th percentile of the S&P 500 Index during that time.

In addition to the PSU, Griffith will be granted a prorated 2026 equity award in the form of restricted stock units (RSUs) valued at $1,000,000 and a portion of his 2027 equity award in RSUs valued at $2,500,000. Both of these grants will vest in three equal installments over three years. The remaining portion of his 2027 equity award will be granted as PSUs valued at $2,500,000 on the same terms as other senior executives. Griffith will also receive a cash signing bonus of $1,400,000, payable by December 31, 2026, subject to repayment if his employment is terminated for cause or if he resigns without good reason by December 31, 2027.

Separately, Mattel announced that Adriana Cisneros resigned from the Board of Directors on October 18, 2026, citing no disagreements with the company regarding operations or policies.