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. The outgoing CEO's exit memo thanked staffers for their resilience in a shifting media landscape. Read the full memo at the link in our bio. Story by James Faris and Lucia Moses (Credit: Getty Images) #condenast #mattel #RogerLynch