Lego has replaced their CEO Bali Padda with CEO of Danfoss, Niels B. Christiansen in a battle to become the biggest toymaker in the world. Christiansen was CEO for 9 years at Danfoss where he focused on digitalization to increase sales and turned the firm into a global leader in energy efficiency. The company hopes that the new CEO will increase sales in Asia after being bankrupt in 2000.
“He transformed a traditional industrial company into a technology leader,” said Vig Knudstorp — a former Lego CEO himself — adding he was confident the toymaker “will continue to flourish” under Christiansen.
The company has been trying to grow by partnering with movie franchises such as Harry Potter, Star Wars, and Indiana Jones by creating Lego sets, video games, smartphone applications, and movie franchises. Now, Lego is partnered up with Mattel but has not seen revenue growth as it as slowed down from 25% in 2015 to 6% last year with sales of 37.9 billion Danish crowns ($6 billion).