Lego appoints second chief executive in eight months


At the end of past year, when longstanding Lego chief executive Jorgen Vig Knudstorp vacated the position to head up the new Lego Brand Group umbrella company, chief operations officer Bali Padda was installed in the toy company's CEO space.

But while Lego now vies with Barbie doll maker Mattel to be the world's largest maker of toys, revenue growth slowed from 25 per cent in 2015 to just 6 per cent previous year with sales of 37.9 billion Danish crowns (€5.4 billion).

The appointment was seen as part of Lego's attempt to keep its products and services relevant to young customers who spend more time...

Lego said the move wasn't due to performance, but rather due to Padda's age.

He replaces Bali Padda, a 61-year-old Brit who in December became.

Founded in 1932 by Ole Kirk Kristiansen, his grandson Kjeld Kirk Kristiansen is now the main family representative at Lego.

Christiansen was until this year the CEO of Danish industrial manufacturer Danfoss, which he led for nine years.

Padda will now stay on to help Christiansen settle in at The LEGO Group and will then join Knudstrop as special adviser at the company continues to look at opportunities for the brand away from toys.

"I was just very fortunate that, relatively early, we found the right person", Knudstorp said.

In March, Lego said its 2016 revenue grew 6 percent to 37.9 billion kroner ($6 billion), the highest figure in the company's 85-year history. "At Lego, we make significantly more money than our closest competitors combined".