Copenhagen — Lego has said that Thomas Kirk Kristiansen — the fourth generation of the billionaire family that owns Europe’s largest toymaker — has taken over as its chair.rgen Vig Knudstorp, a former CEO at the company who will continue as a member of the board and develop the brand, Lego said on Wednesday.
Thomas Kirk Kristiansen is one of three children of Kjeld Kirk Kristiansen, the 72-year-old grandson of Lego’s founder. Since 2016, Kjeld has handed over more responsibilities to his only son. Knudstorp was the architect of Lego’s turnaround last decade. The former McKinsey consultant simplified the company’s products and managed to end years of losses to create the world’s most profitable toymaker. But in the final years of his tenure as CEO, Lego reported a decline in revenue and profit after years of rapid expansion resulted in a bloated cost base.
“We outperformed the toy industry and grew consumer sales and market share in all our largest markets,” CEO Niels B Christiansen said in the statement.
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