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Lego appoints first British boss in surprise shake up Lego appoints first British boss in surprise shake-up
(about 2 hours later)
Lego, the plastic brick giant, is to appoint its first British chief executive as it embarks on a wide-ranging management shake-up.Lego, the plastic brick giant, is to appoint its first British chief executive as it embarks on a wide-ranging management shake-up.
Bali Padda, 60, who has been with Lego since 2002, has been appointed chief executive of the 84-year-old company and will take over on January 1. Bali Padda, 60, who has been with Lego since 2002, has been appointed chief executive of the 84-year-old company and will take over on 1 January.
He will be the first non-Dane to lead the company.He will be the first non-Dane to lead the company.
The announcement comes as a surprise as Mr Padda will replace Jorgen Vig Knudstorp, who has been credited with turning Lego into the world’s most profitable toymaker during his 12-year tenure.The announcement comes as a surprise as Mr Padda will replace Jorgen Vig Knudstorp, who has been credited with turning Lego into the world’s most profitable toymaker during his 12-year tenure.
The company brought in Mr Knudstorp in 2001. When he was made CEO in 2004, Lego was losing about $1 million a day as its traditional plastic building blocks couldn’t compete with a growing range of electronic toys. The company brought in Mr Knudstorp in 2001. When he was made CEO in 2004, Lego was losing about $1m a day as its traditional plastic building blocks couldn’t compete with a growing range of electronic toys.
"I have enjoyed being the chief executive of this great company, because I have a lifelong passion for the Lego idea" said Mr Vig Knudstorp. “I have enjoyed being the chief executive of this great company, because I have a lifelong passion for the Lego idea,” said Mr Vig Knudstorp.
"The role and the job have changed very much over these years, and this is the natural next step, as I am a firm believer in the value of active family ownership", he added.  “The role and the job have changed very much over these years, and this is the natural next step, as I am a firm believer in the value of active family ownership,” he added. 
Mr Vig Knudstorp will now be the chair of the Lego brand - a new entity which will "protect and develop“ the brand, including its educational and charitable activities, and oversee its Legoland attractions. Mr Vig Knudstorp will now be the chair of the Lego brand – a new entity that will “protect and develop” the brand, including its educational and charitable activities, and oversee its Legoland attractions.
He said he was "very pleased to hand over the management of the Lego Group to Bali Padda". He said he was “very pleased to hand over the management of the Lego Group to Bali Padda”.
Mr Vig Knudstorp said: "I have learnt a lot from Bali's great leadership and execution which he has displayed through all of his career here. Mr Vig Knudstorp said: “I have learnt a lot from Bali's great leadership and execution which he has displayed through all of his career here.
"I have worked closely with Bali for many years and I am confident that we will continue to build on that close collaboration in our new roles." “I have worked closely with Bali for many years and I am confident that we will continue to build on that close collaboration in our new roles.”
Mr Padda said: "I am extremely honoured by this opportunity. It is a huge and exciting task and I look forward to the challenge. Mr Padda said: “I am extremely honoured by this opportunity. It is a huge and exciting task and I look forward to the challenge.
"I have a strong passion for our product and brand, and I look forward to continuing the strategic direction we have set for the company." “I have a strong passion for our product and brand, and I look forward to continuing the strategic direction we have set for the company.”