LEGO Group names Niels Christiansen CEO

Lego Swaps Out CEO Piece After Eight-Month Tenure

Lego Swaps Out CEO Piece After Eight-Month Tenure

Christiansen replaces Bali Padda, who took over as interim CEO in January.

Danish toy company Lego has appointed Niels B. Christiansen, who headed thermostat-maker Danfoss for nine years, as its chief executive. "He played an integral role in the turnaround of the Lego Group and during his time as CEO created a solid foundation from which to continue to transform the company", Knudstorp said in a statement.

But while Lego now vies with Barbie doll maker Mattel to be the world's largest maker of toys, revenue growth slowed from 25 per cent in 2015 to just 6 per cent previous year with sales of 37.9 billion Danish crowns (€5.4 billion). He resigned in March, 2017, saying it was time for a new challenge.

Mr Christiansen, 51, was previously the head of global industrial technology firm Danfoss.

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Christiansen, who led Danfoss for almost a decade, has replaced 61-year-old British businessman Bali Padda, who was the first non-Dane to lead LEGO in its 85-year history. Knudstorp said the transition to a new CEO occurred more rapidly than the Board had anticipated.

Chairman Joergen Vig Knudstorp said Thursday that said Christiansen, 51, will start October 1.

"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.

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