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Dec. 6, 2016 / 9:14 AM

Lego Group CEO Knudstorp to head new Lego branding division

Jorgen Vig Knudstorp (L) will leave his Lego Group CEO position to head a new branding division at the company. His deputy will be Thomas Kirk Kristiansen (R) the fourth-generation owner of Lego. Photo courtesy of The Lego Group

Jorgen Vig Knudstorp (L) will leave his Lego Group CEO position to head a new branding division at the company. His deputy will be Thomas Kirk Kristiansen (R) the fourth-generation owner of Lego. Photo courtesy of The Lego Group

BILLUND , Denmark, Dec. 6 (UPI) -- Lego Group's Jorgen Vig Knudstorp will step down as CEO and lead a new branding division within the toy company, a corporate statement said Tuesday.

Knudstorp, 48, will head the Lego Brand Group to develop and protect the Lego brand, which now includes a presence in movies and amusement parks, in addition to the company's iconic plastic building-block toy sets. His deputy in the new venture will be Thomas Kirk Kristiansen, fourth-generation owner of the company headquartered in Billund, Denmark, the statement said.

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Lego was posting massive losses when Knudstorp was promoted to CEO in 2004, the Guardian reported Tuesday, as its product range was unable to compete with electronic toys. The company saw a five-fold increase in revenue as Knudstorp transformed it into one with a global market. The company also expanded franchise deals with Hollywood film companies, and established the Lego Friends brand, aimed at girls. Revenue in 2015 improved to $5.15 billion.

Knudstorp's replacement in the CEO position will be COO Bali Padda, 60, who has been with Lego since 2002. Born in India, he will be the first non-Dane to run the 84 year-old company. Padda will begin as CEO on Jan. 1.

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