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

Condé Nast Chief Executive Officer Roger Lynch announced his departure from the company on Wednesday, revealing in a memo to staff that he will be joining toy company Mattel as their new CEO. Lynch had spent over seven and a half years leading Condé Nast, which includes renowned publications such as Vogue, Vanity Fair, and The New Yorker. Mike Perlis, currently the lead independent director, will serve as interim CEO during the leadership transition.

In his memo, Lynch expressed gratitude for the time he spent at Condé Nast, highlighting the significant progress made during his tenure. He mentioned that since 2020, revenue from commerce grew by 170%, digital subscriptions increased by 155%, and US tentpole events rose ninefold. Lynch also shared pride in the expansion of the company's consumer and events businesses, emphasizing the exceptional work done by the team.

One notable achievement during his time at Condé Nast was the establishment of operations in Dubai, the company's first new office in 16 years. Looking ahead, Lynch mentioned that the company is on track for another year of revenue and profit growth. He also noted that new initiatives, such as Vette and events like Vogue World, will further contribute to the company's success.

Lynch will remain a member of the Condé Nast Board of Directors, ensuring his continued involvement in the company's future. The board will begin a search for Condé Nast's next CEO, with Mike Perlis acting as interim CEO until the selection process is complete.