Mattel names Peter Griffith CFO with a $1,300,000 salary and a $1,400,000 signing bonus

Mattel will hand its finance function to Peter Griffith on October 20, 2026, the day after Paul Ruh stops being chief financial officer. Griffith, 67, will also join the board as a non-independent director without extra pay for that seat. The filing sets his base salary at $1,300,000, his signing bonus at $1,400,000 and his new-hire equity at $9,300,000 in grant-date value.

The document is a leadership filing, not a quarterly report. Mattel's Form 8-K reports officer and director changes under Item 5.02 and furnishes a press release under Regulation FD; it contains no Mattel revenue, margin, earnings or guidance figures. Every dollar amount in it comes from Griffith's offer letter or Ruh's separation agreement.

Amgen's former finance chief takes a three-year return test

Griffith was Amgen's executive vice president and chief financial officer from January 2020 to August 2026 and has remained an executive vice president there since August 2026. Before Amgen he was president of Sherwood Canyon Group, a private equity and advisory firm, and spent more than two decades at EY, rising to Global Vice Chair, Corporate Development. Roger Lynch, Mattel's chairman and chief executive, said Griffith's “deep experience spanning global financial management, private equity, and investment banking will be invaluable”.

The biggest single award is $3,300,000 of performance stock units that vest at the end of a three-year period only if Mattel's relative total shareholder return reaches or exceeds the 55th percentile of the S&P 500's constituents. A return at the index median would fall short of that threshold. If Mattel dismisses him without cause, he resigns for good reason, or his employment ends through death or disability, the units remain outstanding and can still vest on actual performance.

A $1,300,000 salary and no bonus for 2026

His target bonus is 100% of salary, with a maximum of 200%, but eligibility starts in the 2027 performance year; Mattel's filing says he “will not be eligible to participate in the Mattel Incentive Plan for the 2026 performance year”. The equity is staggered: a prorated 2026 restricted stock unit grant of $1,000,000, a $2,500,000 portion of his 2027 award in units, and a further $2,500,000 of the 2027 award in performance units on the same terms as other senior executives.

The $1,400,000 signing bonus is payable by December 31, 2026, and must be repaid if Mattel fires him for cause or he resigns without good reason on or before December 31, 2027. He also gets a $2,000 monthly car allowance, financial counseling of up to $10,000 a year and up to $25,000 of legal fees for negotiating the letter. Mattel did not say why he is excluded from the 2026 bonus or whether the signing bonus was meant to offset it.

Ruh's advisory year and a board resignation

Ruh serves as CFO through October 19, 2026, then becomes an executive adviser reporting to the chief executive until December 31, 2026, when his employment ends. He keeps a $950,000 annual salary rate, stays in the 2026 incentive plan at his current level and gives up the car allowance. His exit will be treated as a covered termination under the company's severance plan, with COBRA payments for up to 24 months instead of 18, and Mattel will cover up to $15,000 of his legal fees.

The filing says his departure is “not the result of any disagreement with the Company on any matter relating to the Company”. Adriana Cisneros resigned from the board on October 18, 2026, and the same language covers her exit. The filing does not give the board's size after her resignation, say whether the seat will be filled, or describe committee changes.

The dates the filing fixes

Mattel gave no reason for the CFO change beyond the no-disagreement statements, and it disclosed neither Ruh's total prior pay nor any third-quarter or 2027 outlook. The dated markers are October 20, when Griffith starts and Ruh's advisory role begins; December 31, when Ruh's employment ends; the 2027 performance year, when Griffith first becomes eligible for a bonus; and the three-year window over which his largest award is measured.