Bali PaddaFrom 2005 to 2015, Knudstorp helped revenue jump five-fold to 35.8 billion kroner (US$5.2 billion). The CEO set up research teams to study how children played with the iconic building blocks, and supervised a shift in financial governance to make Lego less vulnerable to credit crunches.
Under Knudstorp, the company expanded its franchise deals with building block sets based on Hollywood movies, including Star Wars and Indiana Jones. He also introduced Lego Friends, a series aimed at girls. Last year, Lego reported net profit of 9.17 billion kroner, beating results at its U.S. rivals Mattel Inc. and Hasbro Inc. several fold.
Padda, who was born in India in 1956, has been with Lego since 2002. He will be the first non-Dane to run the 84 year-old company.
Lego plans to set up a new entity, to be called the Lego Brand Group, which Knudstorp will chair. The unit will focus on the long-term potential of the company’s brand.
“With our recent growth and globalization come new and exciting opportunities for the brand, and we establish the Lego Brand Group to look into these new opportunities,” Thomas Kirk Kristiansen, who is the fourth generation in the family to own Lego, said in a statement.
By Christian Wienberg