Mattel CFO appointee Peter Griffith will take over the finance role and join the toy maker’s board on October 20, 2026, the company announced on October 19. He succeeds Paul Ruh, who will remain as an executive adviser through December 31 to support the transition.
Key Takeaways
- Griffith will become CFO and a non-independent director on October 20, 2026.
- He previously served as Amgen’s finance chief from January 2020 to August 2026.
- Ruh will support the handover through year-end, when his employment is scheduled to end.
Table of Contents
- Mattel CFO transition includes a board appointment
- Griffith brings biotechnology and financial-services experience
- Pay package combines salary with conditional equity
- Conclusion
Mattel CFO transition includes a board appointment
The appointment gives Griffith both executive responsibility for finance and a seat on Mattel’s board. He will receive no additional compensation for serving as a director.
Mattel’s CFO transition filing sets out a handover in which Ruh serves as finance chief through October 19 before becoming an executive adviser reporting to the chief executive. That advisory position is a non-officer role, separating transition support from responsibility for running the finance function.
Mattel said Ruh’s departure was not the result of any disagreement over the company’s operations, policies or practices. The filing also disclosed that Adriana Cisneros resigned from the board on October 18, likewise without a disagreement with the company.
| Item | Details |
|---|---|
| New-hire performance award | $3.3 million grant-date fair value; three-year performance period beginning October 20, 2026. |
| Performance threshold | Relative total shareholder return at or above the 55th percentile against S&P 500 constituents at the end of the period. |
| Prorated 2026 equity award | $1 million in restricted stock units, vesting in three substantially equal annual installments, subject to continued employment. |
| 2027 equity awards | $2.5 million in restricted stock units plus a remaining $2.5 million performance-stock-unit award to be granted on the terms used for other senior executives. |
Griffith brings biotechnology and financial-services experience
Griffith, 67, served as Amgen’s executive vice president and CFO from January 2020 to August 2026 and continued as an executive vice president after leaving that finance role. His appointment therefore brings a former biotechnology-company CFO to Mattel rather than a current Amgen finance chief.
Before Amgen, Griffith was president of private-equity firm Sherwood Canyon Group. He also spent more than two decades as a partner at EY, ultimately serving as global vice chair for corporate development, and earlier led the investment banking division at Wedbush Securities.
Mattel’s business includes Barbie, Hot Wheels and Fisher-Price, placing Griffith’s new responsibilities in the toy and family-entertainment industry.
Pay package combines salary with conditional equity
Griffith’s offer letter provides an annual base salary of $1.3 million. Beginning with the 2027 performance year, his target annual bonus will equal 100% of salary, with a maximum of 200%. He is not eligible for the 2026 incentive plan.
The package also includes a $1.4 million cash signing bonus payable by December 31, 2026. It is subject to full repayment if, on or before December 31, 2027, Mattel terminates him for cause or he resigns without good reason.
The equity awards carry different vesting conditions. In particular, the new-hire performance award is not guaranteed compensation: it depends on Mattel’s relative shareholder return over three years, alongside employment-related conditions.
Conclusion
The next confirmed step is Griffith’s October 20 start as CFO and director. Ruh’s advisory service is scheduled to continue until December 31, 2026, completing the planned handover.
Read More News
Disclaimer
This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
