Mattel Announces Leadership Transition: Sanjay Luthra to Succeed Steve Totzke as Chief Commercial Officer Effective May 1, 2026
Mattel, Inc. announced a significant leadership transition in its commercial operations. Effective May 1, 2026, Steve Totzke will step down from his role as President and Chief Commercial Officer. He will be succeeded by Sanjay Luthra, currently Executive Vice President and Managing Director of EMEA and Global Direct-to-Consumer, who will take on the Chief Commercial Officer position, overseeing Mattel's global sales. Mr. Totzke will transition into an advisory role as Executive Advisor and President, Strategic Transition, until his employment terminates on December 31, 2026, ensuring a smooth handover. This strategic move aims to maintain continuity in global commercial operations under new leadership reporting directly to CEO Ynon Kreiz.
Key Highlights
- Steve Totzke will cease to serve as President and Chief Commercial Officer of Mattel, Inc. effective May 1, 2026.
- Sanjay Luthra, currently EVP and Managing Director of EMEA and Global Direct-to-Consumer, will succeed Mr. Totzke as Chief Commercial Officer, effective May 1, 2026, overseeing global sales and commercial operations.
- Mr. Totzke will transition into a non-executive officer advisory role as Executive Advisor and President, Strategic Transition, from May 1, 2026, through December 31, 2026.
- During his transition period, Mr. Totzke will maintain his current compensation terms and conditions.
- Upon his departure on December 31, 2026, Mr. Totzke will receive severance payments, benefits, and accelerated vesting of certain equity awards under existing company plans, including a monthly COBRA premium payment for up to eighteen months.
- Sanjay Luthra will report directly to Mattel's Chairman and Chief Executive Officer, Ynon Kreiz.