Roger Lynch, who has served as CEO of Condé Nast for more than seven years, announced on Wednesday that he will step down to become the chief executive of Mattel. Lynch will remain on Condé Nast’s board as the company begins the search for a new CEO. In the interim, Mike Perlis, the lead independent director, will assume the role of acting CEO.

Condé Nast, a prominent media conglomerate known for titles such as The New Yorker, Vogue, GQ, and Vanity Fair, has reportedly seen a decline in business this year. According to a source familiar with the company’s financial performance, Lynch had been considering an exit for some time. The opening of the CEO position at Mattel, where Lynch has served on the board since 2018, presented a timely opportunity.

Some current and former Condé Nast employees expressed critical views of Lynch’s tenure, citing significant challenges under his leadership. These included substantial layoffs, a reduction in office space, and consolidation of the company’s portfolio of publications. One former senior executive described Lynch as “the worst CEO I’ve ever worked with.” However, the company has not issued a public statement regarding these criticisms.

Lynch is scheduled to become chairman of Mattel on Friday and will officially assume the CEO role on or before November 2. The announcement coincided with a 4.2% drop in Mattel’s shares on Wednesday.

Condé Nast’s board now faces the task of identifying a successor to lead the company through its current restructuring and market challenges. Meanwhile, Lynch’s move marks a significant shift from media publishing to the toy industry, positioning him at the helm of one of the largest toy manufacturers worldwide.