Peter Griffith left his job as Amgen's finance chief in August. The Journal says he left ahead of a planned retirement. About two months later, on Monday, Oct. 19, Mattel named him its new chief financial officer. He's 67. He also gets a seat on the board.
Mattel (MAT) is in the middle of a shuffle at the top. Ynon Kreiz, its chief executive, left a few weeks ago. He's now co-CEO of Skydance, the entertainment company created when Paramount and Warner Bros. Discovery merged in an $81 billion deal. Roger Lynch stepped down as CEO of Condé Nast this month to take over as Mattel's chairman and CEO. Griffith will report to Lynch. He replaces Paul Ruh, who only became finance chief at the El Segundo, Calif., company in May 2025.
There's pressure behind the moves. The maker of Barbie and Hot Wheels has reportedly drawn takeover interest from Authentic Brands Group and the privately held toy maker Zuru Group. Some investors have called for the company to consider a sale. That's the kind of moment when a board wants a finance chief who has seen a few deals. Griffith has. Colin Kellaher's report in Tuesday's Journal lists more than six years running Amgen's finances. He also ran Sherwood Canyon Group, a private-equity and advisory firm, and led Wedbush Securities' investment-banking arm. Those jobs came around more than two decades at Ernst & Young. Lynch said that experience “will be invaluable as we look to sharpen our execution.”
Retirement is more of a direction than a date
It's a common pattern, at every level. A teacher retires from the district and comes back to substitute. A state worker leaves the agency and starts consulting a year later. Griffith's version comes with a C-suite title and a board seat, and the shape is the same. A planned retirement turned into a second act, fast.
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This is Retirement · M10, and the planning point is un-retiring. Going back to work after you've filed changes three things. If you take Social Security before your full retirement age and keep earning, the earnings test can hold back part of your benefit until you reach that age. If you draw a pension and go back to a job in the same system, many plans limit the hours you can work before the pension stops. And a new paycheck can lift your income into a higher Medicare IRMAA bracket two years later. None of that is a reason to say no to good work. It's a reason to plan the order. Amgen (AMGN) is held at weight in 5 books; nothing added. Mattel is not held.
Here's the check for this week. Griffith's offer came about two months after he left Amgen. If you've already filed for Social Security or started a pension, an offer could come just as fast. Pull up your Social Security award letter and your pension system's rules for retirees who go back to work. Look for two things. The earnings limit, if you're under full retirement age, and the return-to-work rule, if you draw from CalPERS or CalSTRS. Know both before the phone rings. Bring them to your next review and we'll walk through the order of the moves together.