10/1/26 – Issue 11.39 – Your weekly news on all things board. 

So, you hired a new CEO…now what? This week, that question is getting plenty of real-world testing. Ynon Kreiz is leaving Mattel to become Co-CEO of the combined Paramount and Warner Bros., sharing the top job with David Ellison in a leadership structure that will divide operational and strategic responsibilities. Kreiz’s departure, in turn, sets off another transition: Mattel has tapped longtime board member and Condé Nast CEO Roger Lynch as his successor following what the company calls a “comprehensive succession planning process.” Meanwhile, Ellison is reportedly asking CNN CEO Mark Thompson to remain after the Paramount-Warner deal closes, with questions of leadership autonomy part of the discussion. And at Goldman Sachs, the board is reportedly looking further ahead, discussing a plan that would have John Waldron eventually succeed David Solomon, with Solomon potentially remaining as executive chair. Yet, selecting a CEO is only the beginning for a conscientious board. New research argues that boards should assess a new leader earlier than they might think, while former Harvard Business School dean Nitin Nohria highlights a related challenge: new CEOs can struggle to get unvarnished information as they adjust to leading through influence rather than direct control. The CEO of Automattic, parent company of WordPress, survived a near-ousting by turning the tables and replacing his board, using his concentrated voting power to send a dramatic message about the limits of board authority in a founder-controlled company. And, as Oracle makes an enormous bet on AI infrastructure, some observers seek to understand how the board’s composition and its many long-tenured members align with the governance imperative of ensuring the board evolves alongside the business. Board composition, generally, is favoring retired executives with CEO and financial experience. From choosing a successor to supporting, assessing and sometimes challenging the person who takes the job, this week’s stories make clear that getting the right CEO is essential, but it’s only the beginning.

In the Spotlight

Ynon Kreiz will join David Ellison at the top of the combined company, overseeing day-to-day operations

“David Ellison, the media mogul on the verge of adding Warner Bros. Discovery to Paramount, said on Wednesday that he had tapped Ynon Kreiz, the chief executive of Mattel, as his co-chief executive of the combined company. Mr. Kreiz, 60, will be responsible for overseeing the company’s day-to-day operations while Mr. Ellison will remain chairman and the chief executive in charge of the company’s strategy, films and TV shows, and technology, Paramount said in a news release…. Hollywood is not new for Mr. Kreiz, who previously worked at Fox Kids and the digital video platform Maker Studios. He also served as chief executive of Endemol Group, an independent television production company and owner of such franchises as ‘Big Brother.’ At Mattel, which he joined in 2018, he spent years working to transform Barbie, the company’s iconic doll, into a movie…. Mr. Kreiz’s new role has already had a ripple effect across the media industry. His successor at Mattel will be Roger Lynch, the chief executive of the publishing giant Condé Nast, which both companies announced on Wednesday morning." NEW YORK TIMES

Director Roger Lynch will move from the boardroom to the CEO role at Mattel as Ynon Kreiz departs for Paramount-Warner Bros.

“Condé Nast CEO Roger Lynch has stepped down in order to take the top job at Mattel. Ynon Kreiz, who steered the toymaker through its Barbie movie breakthrough, is poised to take ‘a senior leadership position at another public company,’ an announcement by Mattel said Wednesday. Lynch, whose appointment as CEO takes effect on November 2, will become chairman on October 2. He has been a member of Mattel’s board of directors since 2018. Lynch took over Condé Nast as CEO in 2019, helping the publishing giant navigate declines in print readership and advertising along with Covid. He will remain on the company’s board of directors. The move follows what Mattel described as a ‘comprehensive succession planning process’ after Kreiz spent eight years running the company." DEADLINE

Bari Weiss isn’t expected to have a role involving CNN at close

“Paramount Chief Executive David Ellison has asked CNN CEO Mark Thompson to stay at the helm of the cable news network after the acquisition of Warner Bros. Discovery closes, people familiar with the matter said. Thompson and Ellison have had conversations about the CNN chief staying in recent weeks.... Independence is key for Thompson and he is seeking assurances that he will have wide-ranging autonomy for editorial operations.... Ellison and his team have been determining how CNN will work with Paramount’s CBS News and its Editor in Chief Bari Weiss. Weiss isn’t expected to have a role involving CNN at close of the deal." WALL STREET JOURNAL

From Boardspan this Week

Equally important is an annual CEO review, ideally a 360 process that gathers perspectives from all board members and the leadership team

“The success of the CEO has always been fully intertwined, sometimes even indistinguishable, with that of the entity. So what has changed in recent periods? It’s that CEOs are dealing with the pressures, disruptions, changing environment, and more – all day, every day – and  just as much as boards are, however, CEOs often feel that they’re doing it alone. While they have their teams and their boards, it remains very lonely at the top, because CEOs have very few judgement-free, true confidants. It’s hardly surprising that CEO turnover hit records in 2024-2025 as the role grows more challenging, requires new skills, and leaves little room for error. In 2026, boards will have a delicate balance to strike, ensuring open channels of communication, deepening trust, and intellectually partnering with their top executive, even while leaving space for them to lead, write the strategy, and own the outcomes. Supporting a CEO while holding them to account is an artform in and of itself.” BOARDSPAN

Across the Board

Goldman Sachs Succession Plan: Will the Parties Be Willing?

As the board reportedly weighs a transition that could put John Waldron in the CEO role and David Solomon in the executive chair seat, observers suggest its likelihood may come down to timing

“Goldman Sachs is on top of Wall Street right now, advising on more than $1 trillion in merger deals and generating more than $12 billion in equities revenue in the first six months of the year alone. Those records make it all the more striking that Goldman’s board has reportedly discussed replacing CEO David Solomon, 64, with president John Waldron, 57, as early as next year. The succession plan, which would elevate Solomon to executive chairman, could be voted on by the bank’s board in coming months…. But there’s a key risk facing Goldman: Solomon may not be ready to give up his seat, and Waldron may not be willing to wait for it indefinitely. Solomon has gotten Goldman back on track after an ill-fated foray into consumer banking earlier in his tenure…. If Solomon decides he wants to remain CEO amid an AI boom that he believes is in its early innings, Waldron may tire of waiting for the crown. After all, Waldron, Goldman’s president and chief operating officer, had reportedly been in discussions for leadership roles at alternative asset managers Apollo and Carlyle." CNBC

Sooner is Better to Evaluate a New CEO

While boards may want to give a new leader time in the seat, early feedback, or recognition of a mismatch, is critical

“There’s a question several corporate boards should be asking themselves about now. Or soon—sooner than they think…. ‘How do we know we got it right?’ The list of companies that have ushered in new CEOs in planned transitions this year includes Walmart, Disney, Coca-Cola, and Apple. New CEOs will take control at Adobe and Best Buy in the coming weeks. Stanislav Shekshnia, a professor at the French business school INSEAD, argues that the right time for all of these companies to assess whether they picked the best candidate is about six to 12 months into the CEOs’ tenures, which is several years before most boards do so, he says. Asking the question so early may not seem entirely fair—why not give CEOs some time to make progress? But waiting too long when there’s a mismatch can quickly become more expensive and disruptive than restarting the process, the professor suggests. He urges boards to review a few relatively immediate outcomes that may reveal whether the board needs to intervene and shore up support for the newcomer or look for an alternative leader.” WALL STREET JOURNAL

The Surprises that New CEOs Contend With

Former Harvard Business School Dean Nitin Nohria explores the unexpected realities of taking the top job

“[A] catalog of ‘surprises’ that face new CEOs: … [1]The CEO is always in the spotlight. ‘In every setting—formal or informal, inside or outside the company—their words, actions, tone and body language are studied and interpreted. They are never off the record and always sending a message, whether they intend to or not.’ [2] The CEO can’t run the company. ‘They must transition from direct leadership to indirect influence, and they must use their power to ensure that others can manage the company consistently and at scale.’ [3] Their immense authority can create lasting damage. ‘They can overrule decisions, reassign resources and reshape teams at will. But there is a price to pay for exercising that authority too frequently or too forcefully.’ [4] They often find it hard to know what is going on. ‘As one CEO put it, ‘The higher you rise, the more truth bends around you.’ This performative information flow is sometimes called ‘success theater.’’” WALL STREET JOURNAL

The Board Tried to Remove the CEO. He Replaced the Board. 

Automattic CEO Matt Mullenweg has rebuilt the company’s board just weeks after its previous directors tried, and failed, to oust him

“Automattic CEO Matt Mullenweg has rebuilt the company’s board just weeks after its previous directors tried, and failed, to oust him…. The new board is the latest twist in an internal governance fight at Automattic, the parent company of WordPress.com, Tumblr, WooCommerce, and others. Earlier this month, the previous board voted to place Mullenweg on leave in an attempt to remove him from the board, only to have the CEO retake control just 33 hours later and remove or accept the resignations of the directors who were involved…. Automattic’s original board had voted to put Mullenweg on paid leave, but he took back control of the company, letting go of those involved in what he described on X as a ‘coup attempt.’ To replace the board, Mullenweg leveraged his voting shares — he controls 84% of the vote.” TECH CRUNCH

Oracle’s AI Bet Puts Board Composition in Focus

As the company commits billions to AI infrastructure, the long-standing tenure of many of its directors is drawing attention

“When Oracle shareholders vote on November 18, they will be asked to elect 13 directors. The slate includes an 82-year-old founder who has sat on the board since 1977 and a 40-year-old CEO who joined it a year ago. Between them sits Safra Catz, 64, who ran the company for 11 years before stepping aside in September 2025, along with a group whose profiles, laid out in the company's proxy statement, raise a question the filing answers only indirectly: What kind of board should oversee a company betting its future on cloud infrastructure and artificial intelligence? The question has sharper edges than it did a year ago. Oracle's shares have fallen roughly 58% since the day its new CEOs were named, from $328.15 to about $137.10. The board's own answer, spread across the filing, is that experience is an asset…. Four directors are 79 or older: Larry Ellison, 82; Michael Boskin, 81; Jeffrey Henley, 81; and Jeffrey Berg, 79. All four joined the board by 1997, and together they represent roughly 140 years of service….” CTECH

2026 Board Recruitment Favors Retired CEOs and Experienced Directors

A majority of new S&P appointments are retired individuals, with some 59% bringing CEO or financial experience, while the number of first-time public company directors has declined

“S&P 500 boards appointed 364 new independent directors in 2026, out of a total of 5,204 — the lowest number of new directors since 2016. Overall turnover remains low, declining from 0.8 new directors per board last year to 0.7 in 2026. In previous years, declines in director appointments generally mirrored the number of directors leaving boards. For example, 374 directors departed S&P 500 boards in 2024, matching the number of new director appointments in 2025. That pattern did not continue in 2026: 418 directors left boards last year, 15% higher than this year’s appointments…. This year, 37% of all new directors are CEOs, an increase of seven percentage points from last year. This is the highest share since a peak of 42% in 2012. Overall, 64% of incoming directors bring CEO or financial experience, up from 59% in 2025. Retired individuals again represent the majority of appointments…. First-time public company directors account for 24% of the class of 2026, down from 31% last year and 34% in 2024. Most (62%) are actively employed, compared with 40% of directors with prior public board service.” HARVARD LAW SCHOOL FORUM ON CORPORATE GOVERNANCE

Vail Resorts Faces a Board Challenge

Activist investor Oasis is seeking four seats as it pushes for changes to costs, guest experience and capital allocation

“For Vail Resorts, this activist campaign plugs straight into the existing Narrative about execution risk and cost discipline. Oasis is zeroing in on guest experience, pricing and use of hospitality assets…. Investors now have a clearer test of whether governance and board composition will support those efficiency and experience goals or dilute them. The activism also intersects with flagged risks around financial resilience, including interest cover and dividend sustainability, since any shift in capital spending or payout policy will run through the board…. The practical waypoint to watch next is Vail Resorts' 2026 Annual Meeting, where shareholders vote on Oasis's four nominees. That result, and any board level commitments on cost efficiencies or guest experience metrics around that time, will show how much this challenge actually reshapes the long term story.” YAHOO FINANCE

Seat at the Table 

• Old Dominion Freight Line names to its board Worthing Jackman, former CEO of Waste Connections

• GE Healthcare appoints to its board Pascal Desroches, CFO of AT&T

• Verizon Communications welcomes to its board Charles Phillips, Co-Founder & Managing Partner of private equity firm Recognize Partners

• Technology firm Leidos announces to its board Jeff McElfresh, COO of AT&T

• Swimming pool distributor Pool Corporation elects to its board Jean-Marc Germain, former CEO of aluminum recycling firm Constellium SE

• Duke Energy welcomes to its board Joyce Mullen, former President and CEO of Insight Enterprises

• Operating system Asana names to its board Jerry Ting, former VP and General Manager of AI and Agents at Workday; and Tom Berquist, former Managing Director of Software Equity Research at Citigroup

• AI firm FactSet announces to its board Marcel Prins, COO of asset management firm Robeco

• Albertson's welcomes to its board Meg Ham, former President of FoodLion; Bill Boltz, EVP of Merchandising at Lowe's; and Chris Drumgoole, COO of Aligned Data Centers

• Cardiovascular firm Kardigan appoints to its board Kristin Reinke, VP of Finance at Google

• Lesaka Technologies elects to its board Carolina Lacerda, former Head of Investment Banking for Brazil at UBS; and James Oates, former Chief Audit Executive and Chief Compliance Officer at UBS

• Ultra Clean Holdings welcomes to its board Alexander Davern, former CEO of National Instruments

• City Holding Company names to its board Vonda Huss, EVP and CHRO at Brighthouse Financial

• Halozyme Therapeutics announces to its board James Daly, former EVP and Chief Commercial Officer at biopharmaceutical firm Incyte

About Boardspan
Boardspan helps boards raise the bar on their critical governance mandates by combining cutting edge digital capabilities with high-touch consulting services. They are leaders in board assessments, individual director & CEO evaluations, board succession strategy & search, skills & composition analyses, and bespoke advisory work. Boardspan’s focus is entirely on boards, delivering deep experience, objectivity, an analytical orientation, and insight-driven recommendations. Boardspan works with public, private and non-profit organizations across all verticals including consumer, healthcare, financial services, technology, industrials and non-profit. Specific clients include Archer Daniels Midland, Autodesk, Blue Shield (CA), Boston Beer Company, Colgate-Palmolive, e.l.f. Beauty, HubSpot, Ingersoll Rand, KKR, Lam Research, the PGA, Roblox, Salesforce, the USOPC, and scores more.