The India-born chief operating officer of The Lego Group will take over as the company’s chief executive officer by the end of the year, Bloomberg reported on Tuesday. Bali Padda (above left) will replace Jorgen Vig Knudstorp (above right), who oversaw the Kristiansen family-owned company’s operations for ten years.
Lego’s board has proposed to make Knudstorp the company’s chairman in May. The company also plans to set up the Lego Brand Group, which will be chaired by the outgoing CEO. This new arm will concentrate on the long-term potential of the brand.
Meanwhile, the Kristiansen family will take on a larger role in brand-related activities, including in the group’s stake in Merlin Entertainments, which operates the Legoland theme parks, Reuters reported. The company said the moves would allow it to develop “untapped potential in the LEGO brand”.
The Denmark-based company reported revenues of 35.8 billion kr (approximately $5.2 billion or Rs 35,308 crore). Knudstorp took over as CEO in 2004, and turned around Lego’s finances by conducting extensive research into children’s playing patterns as well as by partnering with several other brands and entertainment studios for marketing and product sponsorship deals.
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