Condé Nast Chief Executive Roger Lynch is stepping down after more than seven years to become CEO of toy company Mattel. Mike Perlis, the former CEO of Forbes and Ziff-Davis Publishing, as well as Condé Nast’s lead independent board member, will become Condé Nast’s interim CEO’s interim CEO while the board searches for a new executive. Mattel, the maker of Barbie dolls and Hot Wheels cars, has spent years trying to transform into a toy and entertainment company.

During Lynch’s tenure, Condé Nast, which owns Vogue, the New Yorker and Vanity Fair, faced challenges from artificial intelligence altering information consumption, social-media platforms like TikTok diverting audiences, and sustained pressure on advertising revenue. Lynch noted in a staff memo that the company navigated a pandemic, industry disruption, and a rapidly shifting media landscape. He highlighted efforts to unify global businesses, strengthen consumer and events divisions, launch a Middle East office in Dubai, invest in e-commerce platform Vette, and prioritize events like Vogue World.

Lynch, a Mattel board member since 2018, will remain on the Condé Nast board.