How do you reinvent an 80-year-old company without losing what made it successful in the first place? In this special episode, as part of the recent HBR Leadership Summit 2026, Mattel CEO Ynon Kreiz explains how he transformed the iconic toy maker into an IP-driven entertainment company that creates movies, games, live experiences, and digital products alongside its toys. He shares how simplifying strategy, reshaping talent, and fostering a culture of innovation helped drive the company’s turnaround, why AI is accelerating product development without replacing creativity, and what leaders can learn about managing change, protecting trusted brands, and building organizations that are ready for the future.