Mattel hires longtime Amgen finance chief Peter Griffith as CFO, replacing Paul Ruh

Mattel is changing finance chiefs. The company said Monday it appointed Peter Griffith, the longtime chief financial officer of Amgen, as its CFO and as a non-independent member of its board, effective Oct. 20.

Griffith succeeds Paul Ruh, who stops serving as CFO on Oct. 19, according to Mattel's 8-K. Ruh will stay on as an executive advisor, a non-officer role reporting to the CEO, through Dec. 31, 2026, when his employment ends.

Who is coming in

Griffith, 67, was executive vice president and CFO of Amgen from January 2020 until August 2026 and has served as an Amgen executive vice president since then, the filing says. Earlier, he led private equity firm Sherwood Canyon Group, spent more than two decades as a partner at EY, where his last post was global vice chair of corporate development, and ran the investment banking division at Wedbush Securities.

He will not receive extra pay for his board seat.

The pay package

Griffith's offer letter sets an annual base salary of $1.3 million, with a target bonus equal to 100% of salary and a maximum of 200%, starting with the 2027 performance year. He is not eligible for a 2026 bonus.

His new-hire equity includes a performance share award with a grant-date fair value of $3.3 million. It vests after three years only if Mattel's total shareholder return ranks at or above the 55th percentile of the S&P 500 over that stretch. He will also receive a prorated 2026 restricted stock unit award worth $1 million and part of his 2027 annual award as $2.5 million of RSUs, with another $2.5 million of 2027 PSUs to come alongside other senior executives' grants.

Mattel will pay Griffith a $1.4 million cash signing bonus by Dec. 31, 2026, which he must repay in full if he is fired for cause or quits without good reason by the end of 2027.

Under his separation agreement, Ruh will keep drawing base salary at an annual rate of $950,000 through year-end and remain in the 2026 Mattel Incentive Plan, according to the filing.

By the numbers

• Griffith start date: Oct. 20, 2026
• Base salary: $1,300,000
• Signing bonus: $1,400,000
• Inducement PSU award: $3.3 million grant-date fair value
• Additional RSUs: $1 million for 2026 and $2.5 million for 2027

Sources

1. Mattel, Inc., Form 8-K with Exhibit 10.1 offer letter, filed Oct. 19, 2026, accession 0001193125-26-424696

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