Monday, 21 August, 2017

Niels Christiansen replaces Bali Padda as the company's new CEO [News]

Lego Swaps Out CEO Piece After Eight-Month Tenure Too old for Lego? Chief executive Bali Padda replaced by Niels Christiansen
Jo Caldwell | 11 August, 2017, 00:25

The Danish company said it had appointed Niels Christiansen (51) who joins Lego after nine years as chief executive of Danfoss where, by focusing on digitalisation, he increased sales and turned the firm into a global leader in energy efficiency.

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.

Padda will take on a special advisory role with the LEGO Brand Group, the company said.

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

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When Padda took over last December, LEGO said the search would begin immediately for a successor.

Bali Padda, the first chief executive from outside Denmark, will exit the company because the 61-year-old is unlikely to be able to serve more than a few years in the post. Both Bali and I thought it would take a long time as it's not a trivial matter.

"[Christiansen] is one of the strongest CEO's of his generation and has made a remarkable turnaround in Danfoss, taking it from industrial technology to digital technology", added Knudstrop. "I was just very fortunate that, relatively early, we found the right person", 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. Knudstorp said the transition to a new CEO occurred more rapidly than the Board had anticipated.

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