>> His appointment last December made headlines around the world. The first Lego CEO who was not homegrown. Bali Padda is British. All previous bosses have ben Danish. After he took up the post, he told Reuters he had a mission.>> We're very fortunate we are a single-brand company.
It's all based around the brick That is what the whole thing is about. Just how do we get the brick into the hands of many, many more children to inspire and develop the builders of tomorrow.>> His replacement just eight months later will be Niels Christensen. He was CEO of Energy Firm Danforce until earlier this year.
and at 51, is 10 years younger than Padda. He also has a track record for increasing sales by focusing on digitization. Lego hopes to revive its flagging growth in a similar way, particularly in Asia. Last year expansion slowed from 25% in 2015, to 6%, with sales of $6 billion.
Lego had flirted with bankruptcy in 2000 and Jorgen Knudstorp run the firm for a decade before Padda took over. He's now Chairman and says he started looking for a younger successor to Padda immediately after his appointment. He admitted the transition had come faster than expected, but when Christiansen stepped down at he saw his chance.
He sees him as a man who already has the building blocks needed to revive growth.