Mattel Inc. (NASDAQ: MAT) announced that Steve Totzke will step down as President and Chief Commercial Officer effective May 1, 2026. Sanjay Luthra, Executive Vice President and Managing Director of EMEA and Global Direct-to-Consumer, will succeed Totzke as Chief Commercial Officer.

Totzke will continue as an Executive Advisor and President, Strategic Transition, through December 31, 2026, to facilitate the transition. Luthra will report to Chairman and CEO Ynon Kreiz and will oversee Mattel's global sales and commercial operations.

Totzke joined Mattel in 1996 and held several senior management positions before his appointment as Chief Commercial Officer in 2018 and promotion to President in 2022. During his tenure, the company expanded its reach through an all-channel growth strategy and advanced its e-commerce capabilities.

Luthra has led Mattel's EMEA operations and global direct-to-consumer strategy. He joined Mattel India in 2003 and subsequently held leadership roles in Eastern Europe and Canada. He has served as Chairman of the Board of Toy Industries of Europe for seven years and will be based at Mattel's headquarters in El Segundo, California.

"Sanjay is a Mattel veteran who has steered EMEA's transformation to achieve record sales and growth during his tenure," Kreiz stated in the company's announcement.

The information is based on a company press release.