Mattel President to Step Down, Shares Drop -1.68%

By Chris Stiles • Wednesday, April 08 07:42 • Permanent Link

Mattel said Steve Totzke, president and chief commercial officer, will step down effective May 1, 2026, and remain on as executive advisor and president, strategic transition through Dec. 31, 2026.

Sanjay Luthra, currently executive vice president and managing director of EMEA and global direct-to-consumer, will take over as chief commercial officer and oversee Mattel’s global sales and commercial operations. He will report to Chairman and CEO Ynon Kreiz and be based at company headquarters in El Segundo, California.

Totzke has been with Mattel since 1996, served as chief commercial officer since 2018 and was promoted to president in 2022. During his tenure, Mattel expanded its all-channel growth strategy with major retail partners, built out e-commerce and direct-to-consumer capabilities, and shifted to a digital-first demand creation approach.

Luthra joined Mattel India in 2003 and later held leadership roles in Eastern Europe and Canada before taking on EMEA and global DTC. Mattel said he helped drive EMEA to record sales and growth, advanced omni-channel selling, and expanded the company’s presence in key categories. Today the company's shares have moved -1.68% to a price of $14.62. Check out the company's full 8-K submission here.

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