Today, The LEGO Group presented the financial report for the full year of 2020. An online event was hosted by the company’s CEO, Niels B Christiansen, who announced a strong growth of all key indicators. In 2020, the revenue grew 13 percent to DKK 43.7 billion compared with 2019, while consumer sales grew 21 percent compared to the same period. Operating profit was DKK 12.9 billion, an increase of 19 percent compared with 2019. The brand’s global market share grew globally and in its 12 largest countries.
Niels B Christiansen, the CEO, said: “We are very pleased with these results. They show the timeless relevance of the LEGO brick and learning through play. This performance is also a testament to the passion, creativity and resilience of our people. Despite the challenges of the pandemic, they worked tirelessly to keep the world playing.”
Niels B. Christiansen, 51, has been appointed as the new CEO of the LEGO Group effective October 1, 2017, the Compnay has announced today. Christiansen will replace Bali Padda, 61, who has served as the Company’s first non-Danish chief executive since January, 2017.
Niels B. Christiansen, FT.com
Jorgen Vig Knudstorp, the chairman of the LEGO Group, emphasizes that Padda’s age and “realisation he could only do the job for a few years at most” have brought about a change in the top management. Since October 2017 Padda will assume a special advisory role at the newly formed Lego Brand Group serving as “a wonderful ambassador for the LEGO brand”.
Bali Padda, LEGO.com
Niels B. Christiansen has spent the last 9 years as CEO of another family-owned, Danish-based group, Danfoss. He resigned in March, 2017, saying it was time for a new challenge. During his job at Danfoss he managed to increase the compoany’s revenues by 50 per cent, taking Danfoss from industrial technology to digital technology. Knudstorp describes Christiansen as “one of the strongest CEOs of his generation” and states that he is “confident that under Niels, the LEGO Group will continue to flourish and bring play experiences to more children around the world.”
Via Financial Times