Longtime Lego CEO to Step Down Due to Organizational Shake-Up

Lego's CEO is reported to be leaving the company after 12 years in service. Jorgen Vig Knudstorp is said to be stepping down by the end of the year. He will be replaced by Briton Bali Padda, who is the company's current chief operations officer.

Knudstorp made history by becoming the very first chief executive officer coming outside the Kristiansen clan, which is believed to be the richest family in Denmark. His leadership allowed Lego to overtake Hasbro, which bagged them the title of being the world's second largest toy maker. Now, they are vying for the title of becoming world's biggest toy maker in their hope to surpass Mattel, the maker of Barbie dolls.

Briton Bali Padda joined the company in year 2002 in Enfield, Connecticut. He is a native of India but is now a British citizen. In March of 2015, the company said that their revenue rose up by as much as 25 percent. They even said that about 100 million children are now playing with Lego products as well as Lego materials in school. Part of these successes can be credited to Knudstorp. 

It is still unclear why the longtime CEO Knudstorp will be replaced, given the impressive growth he had given the company. But it looks like he does not hold any hard feelings towards Padda, in fact, Knudstorp said that he is "very pleased to hand over the management" and he even added that he is "confident that we will continue to build on that close collaboration."

In 1932, the Lego group was founded through Ole Kirk Kristiansen and his grandchild Kjeld Kirk Kristiansen. The company has grown impressively through the years. At this point, the company is looking forward to expanding their reach, including building their presence in countries like India and China.