Markets

Lego appoints new CEO after just eight months

Lego appoints new CEO after just eight months

Lego, the world's second-largest toymaker, has abruptly announced the departure of its 61-year-old chief executive after just eight months, declaring it had found a younger man to lead the company in the long term. Since October 2017 Padda will assume a special advisory role at the newly formed Lego Brand Group serving as "a wonderful ambassador for the LEGO brand".

The replacement of outgoing LEGO Group CEO Bali Padda with Niels Christiansen is down to age rather than performance according to the LEGO Group's chairman.

The company said Thursday that Padda, 61, was not meant to fill the CEO role for an extended amount of time due to his age.

Knudstorp said the plan to replace Padda quickly gained steam after Christiansen left his former company and approached Lego with interest in the job.

The Danish company's new chief executive will be 51-year-old Niels Christiansen, former boss of Danfoss.

AJ Delgado & Jason Miller
She welcomed a son, William , on July 10. "And I'm not sure what Jason means that he and his wife are excited to welcome Will. She also says she'll be more thoroughly telling her side of the story to the Atlantic's McKay Coppins .

He resigned from Danfoss in March, saying it was time for a new challenge, and Mr Knudstorp said that speeded up the process for Lego.

"It could easily have taken two to three years", he said, adding that while it was not essential to have a Dane leading Lego, it was important to understand its roots. During his tenure with Danfoss, the company doubled in size to 39bn DKK (US$ 6.1bn) increased its global footprint and transformed its portfolio in response to changing customer demands.

He said he is "honoured to have the opportunity to join an organisation as iconic and purpose-driven as the LEGO Group".

He said: "I have loved building with Lego bricks since I was a child".