News Worms
News Worms


Lego appoints new chief executive

Lego appoints new chief executive

The India-born British national Bali Padda was the first non-Danish leader of the toy brick giant and will remain as an adviser once Niels Christiansen, 51, a Dane, takes over on October 1, the company said.

Christiansen was chief executive of the unlisted Danish thermostat maker Danfoss until last month, a position he took up in 2008.

LEGO's chairman, Jorgen Vig Knudstrop revealed that Padda's short tenure was not down to his performance but 'a realisation that, because of his age, he could do the job for a few years at most'.

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

Christiansen said he was honored to join the company.

He told the Financial Times that it had always been the plan to look for a successor straight away while Padda was in the role, but that the recruitment process had been faster than he had anticipated.

"We still have a very strong brand even though growth rates declined a year ago", Mr 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.

Before Danfoss, Mr Padda's replacement Mr Christiansen was head of hearing aid firm GN Store Nord. "At Lego, we make significantly more money than our closest competitors combined".

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