The LEGO Group To Get New CEO
Jørgen Vig Knudstorp, the current CEO of the Lego Group
The man who was instrumental in turning around the LEGO Group into the one of the most profitable and recognisable brands in the world, Jorgen Vig Knudstorp, will be stepping down as CEO by the end of the year.
He will be succeeded by Bali Padda, the current chief operations officer, who will actually be the first non-Dane CEO of the company.
Jørgen Vig Knudstorp (Furthest left) and Bali Padda (second from right) at the opening of the Malaysian LEGO Office
Jorgen Vig Knudstorp won’t be going too far as he will assume the role of Chairman of the company.
During his tenure at LEGO, Jorgen Vig Knudstorp managed to revamp the company and increased its’ revenue to 35 billion kroner (SGD$7.18 billion/USD$5.05 billion) from 2005 to 2015.
Bali Padda (Far left) and Jørgen Vig Knudstorp (Far right)
LEGO has expanded its licensing deals with various other movie franchises like Star Wars, Batman, Indiana Jones, Marvel, DC and Disney under his direction.
He also added more themes like Ninjago, Friends and Nexo Knights which pushed their own original intellectual properties with animated series airing on television.
LEGO reported a net profit of 9.17 billion kroner, overshadowing their US rivals like Mattel Inc. and Hasbro Inc.
We wish both Jorgen Vig Knudstorp and Bali Padda all the best in their new roles!
(Additional information from Bloomberg)
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