Key facts
- Skydance appointed Ynon Kreiz as co-CEO.
- Kreiz is tasked with finding $6 billion in savings over three years.
- Kreiz previously led Mattel, where he produced the 'Barbie' movie and cut 22% of the workforce.
- David Ellison remains CEO of Skydance and will focus on deals and talent.
- Skydance carries $80 billion in debt.
- Kreiz's first-year pay package will total $47.5 million.
Skydance, the media conglomerate formed by David Ellison's acquisitions of Paramount and Warner Bros. Discovery, has appointed Ynon Kreiz as its new co-CEO. Kreiz's primary responsibility will be to identify and implement $6 billion in cost savings over the next three years, a task that is expected to involve significant layoffs.
Kreiz joins Skydance from Mattel, where he is credited with brokering the deal for the successful 'Barbie' movie and implementing substantial workforce reductions. His role at Skydance is seen as analogous to that of Gunnar Wiedenfels, the former CFO of WBD, who also pursued aggressive cost-cutting measures. However, unlike Wiedenfels, who operated largely out of the spotlight, Kreiz is expected to be a more public figure, while Ellison will continue to handle studio deals and talent relations.
People who have worked with Kreiz describe him as serious, unflappable, and capable of handling demanding tasks. His media background includes leading Endemol and scaling Maker Studios before its acquisition by Disney. Despite these credentials, Kreiz's tenure at Mattel saw a struggle to grow the company beyond the success of 'Barbie,' with sales returning to pre-movie levels. Furthermore, while he is a co-CEO, Ellison retains the primary CEO title, indicating Ellison's ultimate control over the company, backed by his father Larry Ellison's fortune.
Kreiz's compensation package for his first year is set at $47.5 million. He will need to navigate the company's substantial $80 billion debt load, a concern for bondholders who may be apprehensive about Skydance's future prospects.