Lego has appointed Bali Padda as its new chief executive, replacing long standing boss Jorgen Vig Knudstrop.
In a radical shakeup of its board of directors, Knudstrop, who is largely credited for turning the toy retailer and manufacturer‘s fortunes around, will depart to become chairman of Lego Brand Group.
This new arm of the company will handle the governance of all Lego‘s business such as partnerships with Merlin Entertainment.
Padda, who is currently the chief operations officer, will now become Lego’s 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”.
Three quarters of the historic toy empire is owned by billionaire Kirk Kristiansen’s family, who founded it 84 years ago.
“I have enjoyed being the chief executive of this great company, because I have a lifelong passion for the LEGO Idea,” Knudstrop said.
“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.”
Lego recently opened up its largest store in the world in London’s Leicester Square.