Mattel has appointed former Amgen chief financial officer Peter Griffith as its finance chief and a board director effective Oct. 20, putting a new executive in place before its next quarterly results.
In a filing with the Securities and Exchange Commission, the U.S. toy maker said Griffith will serve as a non-independent director without additional board pay. Outgoing CFO Paul Ruh’s final day in the finance post is Oct. 19. He will remain with Mattel as Executive Advisor through Dec. 31 to support the transition.
Griffith’s annual base salary will be $1.3 million. His signed offer letter provides a $1.4 million cash signing bonus payable by Dec. 31. He must repay it in full if Mattel terminates him for cause or he resigns without good reason on or before Dec. 31, 2027.
Beginning with the 2027 performance year, Griffith’s target annual bonus will equal 100% of his base salary, with a maximum of 200%. He is ineligible for Mattel’s 2026 bonus plan.
His offer also includes a stock award with a $3.3 million grant-date fair value. Vesting after three years is subject to employment terms and requires Mattel’s relative total shareholder return to reach at least the 55th percentile against a specified group of S&P 500 constituents. Separate equity awards have a prorated 2026 grant value of $1 million and a combined 2027 grant value of $5 million, subject to their terms.
Griffith was Amgen’s CFO from January 2020 through August 2026. Mattel Chair and CEO Roger Lynch, who became CEO on Oct. 12, said Griffith’s experience would help the company “sharpen our execution and improve our performance.”
Ruh will receive pay at a $950,000 annual base rate during his advisory period, according to his separation agreement. Mattel also disclosed that director Adriana Cisneros resigned Oct. 18. The company said neither her resignation nor Ruh’s departure resulted from a disagreement over its operations, policies or practices.
Mattel plans to release third-quarter results at about 4:05 p.m. ET on Nov. 5, followed by a webcast at 5 p.m. ET.
