LEGO undergoes reshuffle as Bali Padda is named new CEO

LEGO is undergoing its biggest executive reshuffle for 84 years with the appointment of a new CEO in the form of Bali Padda.

Padda will take over the role from Jorgen Vig Knudstrop as of January 1st 2017 as Knudstrop becomes the company’s chairman.

Knudstrop has been credited with rescuing the LEGO brand from its near financial collapse in 2004, having refocused the firm’s efforts on its successful lie of licensed construction sets.

As part of the shuffle, Knudstrop will also become chairman of a new entity called the LEGO Brand Group, which is being set up to allow private family shareholders to become more active owners.

His deputy chairman will be Thomas Kirk Kristensen, the great grandson of LEGO’s founder.

“We want to explore new avenues for the brand,” Knudstrop told the Financial Times. “There is more room for partnerships. More and more people are knocking on our door.”

Meanwhile, British born Padda has set a record for becoming the first non Dane to lead the firm.

About Robert Hutchins

Robert Hutchins is the editor of ToyNews and its sister title, Licensing.biz. He has worked his way from Staff Writer to Editor across the two titles, having spent almost eight years with both and what now seems like a lifetime surrounded by toys. You can contact him by emailing robert.hutchins@biz-media.co.uk or calling him on 0203 143 8780 You can even follow him on Twitter @RobGHutchins if ranting is your thing...

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