Lego ushers in new chief executive after just eight months

The toymaker replaces Bali Padda having known he was always chief executive for the short term

New Lego chief executive Neils B.Christiansen

Lego has a new chief executive just eight months since it appointed its current chief executive, 61 year old Bali Padda.

The toymaker says it will replace Mr Padda with Niels Christiansen from October this year.

Mr Padda became the first non-Dane to lead the company when he took charge of Lego last December.

The swift change in management has reportedly happened due to “a combination of Bali’s own wishes - as well as a clear understanding between him and Lego's chairman around the duration not being long-term"

Jørgen Vig Knudstorp, executive chairman of Lego, said Mr Padda “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”.

Incoming successor Mr Christiansen joins Lego after nine years as chief executive of global industrial technology company Danfoss.

His career began at consultancy firm McKinsey before becoming chief executive of GN Netcom, a manufacturer of mobile phone and cordless phone headsets used in call centres, at the age of 33.

In a statement, Mr Christiansen said he looked to “the challenges facing this generation of children” as part of a new phase.

Lego has managed to creep back from a precarious loss-making position over a decade ago, where it was losing $1m a day as its traditional plastic building blocks failed to compete with the growing market of electronic toys.

The company has since turn its financial performance to become the world’s most profitable toymaker.