Toy retailer Lego has revealed it has hired a new British chief executive, Bali Padda, who will be replacing Jorgen Vig Knudstrop.
Knudstrop, who played a massive part in turning the company’s fortunes around, will leave to become chairman of a new business Lego Brand Group, which will deal with the governance of all Lego’s business, including partnerships with Merlin Entertainment.
Bali Padda will now become the world’s biggest toy-makers first non-Danish boss. This move seeks to allow family shareholders to have more of a say in the running of the business and unleash the brands “untapped potential”.
Knudstrop commented: "I have enjoyed being the chief executive of this great company, because I have a lifelong passion for the LEGO Idea.”
"The role and the job have changed very much over these years, and this is the natural next step, as I am a firm believer in the value of active family ownership.”
Kjeld Kirk Kristiansen added that Padda: “Has a deep knowledge of our entire company, a very clear sense of what we need to do to take the company to the next level, and he is a true ambassador for ... the Lego brand.
