Mattel's chairman and chief executive, Ynon Kreiz, is leaving the toy maker.

Kreiz, a former entertainment industry executive who took the helm of Mattel in 2018 and is leaving the toy maker at the end of the week, is expected to take a senior role at Paramount CEO David Ellison is building through the $81 billion acquisition of Warner Bros. Discovery, according to a person familiar with the matter.

The Kreiz move comes after Ellison picked HBO content chief Casey Bloys to oversee the combined company's streaming operations, with Cindy Holland, the former Netflix programming executive whom Ellison put in charge of Paramount's streaming platforms about a year ago, leaving the company.

Mattel on Wednesday said Kreiz, who has been at the helm of the El Segundo, Calif., company since 2018, is stepping down on Oct. 2.

Roger Lynch, a Mattel board member since 2018 who currently serves as independent lead director, will succeed Kreiz as chairman and CEO, the company said.

Mattel said Lynch, who has served as CEO of media company Conde Nast since 2019, will become chairman on Oct. 2 and CEO by Nov. 2.

--Joe Flint contributed to this article.