MAT News & Events

Mattel announced that Steve Totzke, President and Chief Commercial Officer, will step down from his role effective May 1. Sanjay Luthra, Executive Vice President and Managing Director of EMEA and Global Direct-to-Consumer, has been appointed to succeed Totzke as Chief Commercial Officer, overseeing Mattel's global sales and commercial operations. Totzke will continue as an Executive Advisor and President, Strategic Transition, through December 31, 2026, to "ensure a smooth transition," the company stated. Luthra will report to Mattel Chairman and CEO Ynon Kreiz, who said: "Steve has built a world-class commercial organization, deepened our relationships with retail partners, and expanded our global reach while developing countless team members at Mattel. Sanjay is a Mattel veteran who has steered EMEA's transformation to achieve record sales and growth during his tenure, and expanded Mattel's leadership across the region in key categories. On behalf of our Board and everyone at Mattel, we thank Steve for his passion and many contributions, and I am personally grateful for his years of partnership. We look forward to Sanjay's impact in executing our brand-centric strategy to grow our IP-driven play and family entertainment business."

In a Bloomberg interview earlier, Mattel CEO Ynon stated: "Another example is Mattel Brick Shop. This is our Hot Wheels-branded building sets that we launched last year, and it's off to a very strong and promising start, growing at high double-digit, and it's a proper hit for the company. We expect that to grow strongly in 2026 and in 2027, but this investment will allow us to inflect that even more and capture more value earlier."