Paul Ruh
Chief Financial Officer at MAT
Executive
About Paul Ruh
Paul Ruh, age 58, was appointed Chief Financial Officer of Mattel effective May 19, 2025. He holds a B.S. in Engineering from Universidad Iberoamericana and an MBA from MIT Sloan, and previously served as CFO of Kenvue (leading the separation from J&J through IPO) and CFO of Johnson & Johnson Consumer Health, with earlier finance leadership roles at PepsiCo and finance roles at P&G and McKinsey . Since his appointment, he has signed Sarbanes‑Oxley certifications on Mattel’s Q2 and Q3 2025 Forms 10‑Q and executed Mattel’s S‑3ASR shelf registration; he has emphasized tariff mitigation and operational agility in public remarks . Company performance context: 2024 gross margin expanded 330 bps to 50.8%, EPS grew 163% to $1.58, and free cash flow was nearly $600 million; Q2 2025 net sales were $1,019m (down 6%) with gross margin 50.9%, and Q3 2025 net sales were $1,736m (down 6%) with gross margin 50.0% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kenvue Inc. | Chief Financial Officer | May 2023–May 2025 | Led separation from J&J through IPO; set strategy and capital allocation to enable accelerated profitable growth |
| Johnson & Johnson Consumer Health | Chief Financial Officer | 2017–2023 | Executed transformational change and navigated COVID‑19; strengthened financial position |
| PepsiCo, Inc. | Various finance leadership roles (incl. CFO Latin America, CFO Pepsi Beverages America, CFO PepsiCo Foodservice) | 13 years (dates not disclosed) | Scaled and strengthened finance across multi‑billion businesses in Latin America and U.S. |
| Procter & Gamble; McKinsey (Mexico City, Santiago) | Operations finance; Corporate finance | Not disclosed | Early career foundation in operations and corporate finance |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No current outside public company directorships disclosed for Ruh in Mattel filings |
Fixed Compensation
| Component | Detail | Amount/Terms |
|---|---|---|
| Base Salary | Annual base pay | $950,000 |
| Target Bonus (MIP) | Annual cash incentive target | 100% of base (maximum 200%); prorated for 2025 |
| Signing Bonus | One‑time cash | $100,000; repayable if voluntary departure or termination for cause within 1 year |
| Car Allowance | Monthly | $2,000/month |
| Financial Counseling | Reimbursement | Up to $10,000 per year |
| Deferred Compensation | Eligibility | Eligible for Mattel Deferred Compensation & PIP Excess Plan |
| Clawback Policy | Compensation recovery | Restatement‑based forfeiture/reimbursement of incentive compensation |
| Insider Trading Policy | Trading restrictions | Insider; subject to pre‑clearance and window restrictions |
Performance Compensation
Annual MIP Design (Company-wide)
| Metric | Weighting (%) | 2024 Target | 2024 Actual Earnout (% of target) | Weighted Earnout |
|---|---|---|---|---|
| MIP‑Adjusted EBITDA Less Capital Charge | 65% | $677m target; band ±$120m | 200% | 130.0% |
| MIP‑Adjusted Net Sales | 20% | $5,487m target; band ±5% | 85% | 17.1% |
| MIP‑Adjusted Gross Margin | 15% | 48.6% target; band ±125 bps | 200% | 30.0% |
| Total Company Earnout | — | — | — | 177.1% |
- Individual Performance Multiplier ranges 0–125% based on pre‑set goals; CEO’s 2024 multiplier was 110%, other NEOs ranged 100–125% .
LTIP Design (Company-wide)
| Cycle | Award Type | Metrics | Structure |
|---|---|---|---|
| 2025–2027 LTIP (for Ruh’s PSUs) | Performance Stock Units (PSUs) | Three‑year cumulative Adjusted Free Cash Flow; relative TSR vs S&P 500 constituents | Payouts scaled by FCF with a TSR multiplier; maximum 200% of target units |
Equity Awards & Vesting
| Award | Grant Date | Grant Value | Vesting | Notes |
|---|---|---|---|---|
| New‑hire “make whole” RSUs | Last trading day of month of hire | $3,800,000 | 33%/33%/34% on each of the first three anniversaries | Converts value to units at grant‑date FMV; subject to continued service |
| 2025 Annual RSUs | Last trading day of month of hire | 50% of $2,825,000 | 33%/33%/34% over three years | Subject to Compensation Committee approval; standard RSU vesting |
| 2025 Annual PSUs | LTIP approval date (or month of hire if later) | 50% of $2,825,000 | Earned over 3 years per LTIP metrics | Metrics: 3‑yr Adjusted FCF and relative TSR vs S&P 500 |
Equity Ownership & Alignment
- Stock ownership guideline: 3x base salary; five‑year compliance window; must retain 100% of after‑tax shares until guideline met .
- Hedging/pledging: Prohibited for officers and employees under Insider Trading Policy .
- Beneficial ownership: Ruh not included in the March 17, 2025 security ownership table as his appointment was subsequent to that date .
- Deferred compensation and stock equivalents available via DCP .
Employment Terms
| Term | Summary | Source |
|---|---|---|
| Employment Start | Effective May 19, 2025; appointed CFO May 2, 2025 | |
| Employment Nature | At‑will; termination by either party | |
| Severance Coverage | Participation in Amended & Restated Executive Severance Plan B upon signing; double‑trigger change‑of‑control; no excise tax gross‑ups | |
| CFO Severance Tier (reference) | Prior CFO (DiSilvestro) designated at 1.5x salary+target bonus with 18 months benefits for involuntary termination; 2x and full equity acceleration on COC termination | |
| Post‑termination covenants | Non‑compete, non‑solicit, confidentiality, non‑disparagement as conditions for severance benefits | |
| Clawback | Restatement‑based recovery of incentive comp | |
| Insider Trading | Window and pre‑clearance restrictions for insiders |
Performance & Track Record
- Public positioning: Ruh emphasized full offset of 2025 tariff costs via supply chain re‑sourcing, product mix and selective pricing, and OPG cost savings; noted retailer ordering timing impacts and Q4 strength expectations .
- Operational performance: Q2 2025 net sales $1,019m (−6%), gross margin 50.9% (+170 bps), adjusted EPS $0.19; repurchased $210m YTD; reinstated 2025 guidance . Q3 2025 net sales $1,736m (−6%), gross margin 50.0% (−310 bps), EPS $0.88; reiterated 2025 guidance and $600m buyback target .
- Governance actions: Signed SOX certifications on Q2 and Q3 2025 Forms 10‑Q as Principal Financial Officer ; signed Mattel’s automatic shelf registration (S‑3ASR) .
Investment Implications
- Alignment and retention: Meaningful front‑loaded RSU make‑whole ($3.8m) and annual RSU/PSU mix with 3‑year vesting and 5‑year ownership compliance period reduce near‑term selling pressure and tie compensation to multi‑year FCF and TSR outcomes .
- Pay‑for‑performance: CFO’s cash incentive is keyed to profitability (65% MIP‑Adjusted EBITDA Less Capital Charge), topline (20% Net Sales), and gross margin (15%); 2024’s 177% company earnout evidences strong incentive sensitivity, but individual multipliers gate payouts .
- Risk controls: Double‑trigger change‑of‑control, no excise tax gross‑ups, clawback, and anti‑hedging/pledging policies support governance quality; severance terms historically at CFO tier are balanced (1.5x inv‑term; 2x COC) .
- Execution focus: Ruh’s tariff‑offset plan and supply chain agility, combined with OPG savings, suggest near‑term margin support despite ordering timing; tracking buybacks and LTIP metrics provides signals on value creation during his tenure .