Roger Lynch, the chief executive officer of Condé Nast, announced his departure Wednesday after more than seven years at the helm of the publishing company known for iconic titles such as Vogue and Vanity Fair. Lynch will leave to become chairman and CEO of Mattel, the toy company focused on expanding its presence in the entertainment sector.
Lynch, 63, assumed leadership of Condé Nast in 2019 during a financially challenging period when the company was incurring losses exceeding $100 million annually. Throughout his tenure, he navigated significant transformation efforts aimed at shifting the company’s business model away from print media toward events and digital video content. This transition included multiple rounds of layoffs and strategic adjustments in response to evolving audience habits and declines in traditional advertising revenue.
Among the notable changes under Lynch’s leadership were the merger of Condé Nast with its sister company, Condé Nast International, which had previously operated independently. He worked closely with Anna Wintour, Condé Nast’s global chief content officer, who remains a powerful figure in the fashion industry at age 76.
The company’s restructuring efforts involved workforce reductions, including a 5% cut in 2023, the shuttering of print editions such as Self magazine and several international versions of Glamour, and the consolidation of Teen Vogue into Vogue. Condé Nast also scaled down Glamour’s U.S. edition to focus more heavily on social media. In addition, the company faced controversy after paying over $400,000 in settlements to three journalists dismissed following disputes with the head of human resources amid ongoing layoffs.
Despite these challenges, Lynch highlighted growth in other areas during his tenure. Event revenues reportedly increased ninefold since 2020, and digital subscription income rose by 155%. New initiatives, including an office opening in Dubai and the launch of "Vette," a creator shopping marketplace, contributed positively to revenue alongside affiliate commissions generated from product links in reviews and shopping guides. Lynch asserted that the company was on track for another year of revenue and profit growth and has maintained profitability for four consecutive years since 2020.
Steven Newhouse, co-president of Advance Publications, Condé Nast’s parent company, acknowledged learning of Lynch’s departure only recently and praised his leadership in positioning the company well for the future. Newhouse noted that while challenges remain—particularly with the impact of artificial intelligence on content consumption and online traffic—the timing is appropriate for a leadership change.
Mike Perlis, lead independent board member and former CEO of Forbes Media, will serve as interim CEO while a search for a permanent successor begins. Lynch will remain on Condé Nast’s board to assist with the leadership transition.
Mattel announced that Lynch will join as chairman on Friday and assume the CEO role on or before Nov. 2, succeeding Ynon Kreiz, who has been named co-chief executive of Warner Bros. Discovery and Paramount following their merger. Mattel is known for brands such as Barbie and Hot Wheels and has increasingly expanded its entertainment footprint, with projects including the recent box office success "Barbie" and other titles in development, such as a new "Matchbox" film set for streaming release. Some previous ventures, like "Masters of the Universe," experienced underwhelming theatrical runs but found renewed audiences on streaming platforms.