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A big Mattel shareholder is preparing to mount a proxy fight at the toymaker and push the company toward a sale, according to people familiar with the matter. Southeastern Asset Management has been considering whether to nominate new directors at Mattel as part of a proxy fight, the people said. The activist has been pushing the company for months to sell itself, following double-digit sales declines in Fisher-Price and other key segments, as well as profit-margin pressures. The issues became more acute after Mattel CEO Ynon Kreiz left to join Skydance: Mattel shares, which are down 15% so far this year, dropped by 5% on the news of his replacement, former Condé Nast CEO Roger Lynch. The stock rebounded following a Wall Street Journal report that the company had drawn takeover interest by Authentic Brands Group. Southeastern’s plans could change, the people cautioned, and no decision has been made. It’s unlikely the activist could secure full control of Mattel’s board, but a proxy fight would serve as a referendum on the direction of the company. Under Mattel’s bylaws, an investor can only nominate two directors, except in specific circumstances. Separately, Ariel Investments, another big Mattel shareholder, has told other investors that it believes a change needs to happen at Mattel, according to another person familiar with the matter. In a recent CNBC appearance, Ariel founder John Rogers said the company should sell itself, an unusual posture for a famously management-friendly investor. Mattel said in a statement that it engages with all shareholders but declined to comment further. Ariel and Southeastern didn’t respond to requests for comment.
document fetched 2026-10-23 22:19 · canonical https://semafor.com/article/10/21/2026/investors-eye-proxy-fight-at-mattel