Condé Nast CEO Roger Lynch is leaving to run toy giant Mattel. Read his memo to staffers.

Roger Lynch led Condé Nast, home of Vogue and Vanity Fair, for more than seven years. Theo Wargo/Getty Images Condé Nast will get a new CEO as Roger Lynch leaves for Mattel. Lynch has run the publisher since 2019 and helped grow digital subscriptions. Read Lynch's full exit memo to Condé Nast employees at titles including Vogue and The New Yorker. Condé Nast CEO Roger Lynch is stepping down, according to a memo viewed by Business Insider. Lynch told employees on Wednesday that he's leaving after more than seven years to run toy giant Mattel, where he's been on the board of directors since 2018. He'll remain on Condé Nast's board. Current Mattel CEO Ynon Kreiz, who had looked to expand the Barbie parent into entertainment, will step down on Friday. Mattel shares, which are down 21% in the last 12 months, fell more than 2% on Wednesday as US stocks broadly rose. Mike Perlis, who's currently Condé Nast's lead independent director, will be the interim CEO of the publishing company behind Vogue, Vanity Fair, The New Yorker, and GQ. Under Lynch, Condé Nast became profitable. Condé Nast has grown digital subscriptions by 155% and revenue from commerce by 170% since 2020, and extended its events business, Lynch told employees. Condé Nast has had to "navigate complicated relationships with big digital platforms like Meta and Google" which no longer drive as much web traffic to publishers, Business Insider's Peter Kafka wrote. "This is an industry that's been under pressure. There are fewer jobs in it than there were five years ago," Lynch told Kafka in May. The outgoing CEO's exit memo thanked staffers for their resilience in a shifting media landscape. "Together, we navigated a pandemic, enormous disruption across our industry, and a media landscape that seemed to change beneath our feet every year," Lynch wrote. "There is no doubt that we transformed Condé Nast for a new era." Condé Nast parent company, Advance Publications, said in a statement that it was grateful for Lynch's leadership since 2019. "Roger has led Condé Nast successfully through a period of enormous change," said Steven Newhouse, Advance Publications' co-president. Before joining Condé Nast, Lynch was the CEO of entertainment companies like streaming TV service Sling TV and internet radio company Pandora. Now, Lynch is headed to Mattel, which is trying to find its footing in entertainment. While "Barbie" was a billion-dollar hit in 2023, June's "Masters of the Universe," based on the He-Man toys, bombed at the box office. Mattel's next toy-to-movie test comes with the debut of "Matchbox: The Movie" on Apple TV on October 9. Here is the full memo from Lynch: Dear all, I'm writing with bittersweet news. After seven and a half years as your CEO, I have made the very difficult decision to step down and help begin a leadership transition for the company. Soon, I'll be joining Mattel as their new CEO. When I joined Condé Nast, I had the simple ambition to leave this extraordinary place stronger than I found it. Together, we navigated a pandemic, enormous disruption across our industry, and a media landscape that seemed to change beneath our feet every year. And yet, there is no doubt that we transformed Condé Nast for a new era. We brought our global businesses together, built a unified company, and strengthened our journalism and creative work. One of the big areas of opportunity I saw when I joined the company was to expand our consumer and events businesses. Those of you who have been with Condé Nast for these last seven years have heard me talk about this focus many times. I'm particularly proud of how far we've come in these areas: since 2020, revenue from commerce grew by 170%, digital subscriptions by 155%, and US tentpole events increased ninefold. Through all of it, what has remained constant is the exceptional work produced and the brilliant team that has made it possible. I've never been more inspired in my career than when I've been with you. One particular highlight was starting our Middle East operations in Dubai, our first new office in 16 years. As we close the third quarter, the company is on track for another year of revenue and profit growth. New initiatives around digital products like Vette and events like Vogue World will fuel continued success. I intend to do everything I can to ensure that trajectory continues. In fact, I'm thrilled that I will continue in a role as a member of the Condé Nast Board of Directors and remain deeply invested in the company and its future. The board will begin a search for Condé Nast's next CEO, and in the meantime, Mike Perlis, our lead independent director, will serve as interim CEO. Having served on our board for almost eight years, he is deeply familiar with our business and will work closely with our experienced executive leadership team throughout the transition. With the strength of that leadership and our deeply committed teams around the world, I'm confident the company will continue to th