Lego Swaps Out CEO Piece After Eight-Month Tenure

Lego New CEO Toymaker Lego New CEO Lego toys Niels B. Christiansen,Bali Padda LEGO Brand Group Business News indian express news

Christiansen will take over as CEO on October 1.

Lego has ousted its chief executive after eight months, trading him in for a younger toy boy with technology experience, as the company moves to be more competitive in the digitally-focussed play market.

Jorgen Vig Knudstorp, the head of the new LEGO Brand Group umbrella company, said Padda definitely not disappointed them.

A LEGO spokesman said Christiansen, who left engineering company Danfoss at the end of June, after leading the company for nine years, was the "perfect match" for the Chief Executive job at LEGO.

"It can take a long time to find the right one, but when Niels stepped down at Danfoss, I faced one of the country's absolute best persons to lead a big global company". Now, Lego is partnered up with Mattel but has not seen revenue growth as it as slowed down from 25% in 2015 to 6% a year ago with sales of 37.9 billion Danish crowns ($6 billion).

He added: "Niels is a great leader who delivered outstanding results while CEO of Danfoss".

Mr Padda, who was only appointed in December as part of a wide-ranging management shake-up, will retain a role at the firm as a special adviser.

"His experience in digitalisation and globalisation, implementing a transformative strategy, and creating an agile, high-performing, worldwide team will benefit the Lego Group".

New CEO Christiansen has spent more than 25 years in business leadership. Knudstorp was the first non-family member to head Lego.

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