Thomas Kirk Kristiansen, 37, has been named to succeed his father, Kjeld Kirk Kristiansen, as vice chairman of Denmark-based Lego A/S,
the
Wall Street Journal
reported.
Lego toys are sold in more than 140 countries; the company raked in a record profit of $1.39 billion last year, the article said.
The succession process started in 2004, when Kjeld Kirk Kristiansen stepped down as CEO and brought in the first non-family member to serve as the company's chief executive, the article said. In 2007, Kjeld Kirk Kristiansen bought his sister's interest in the company, concentrating ownership in his branch of the family, the
Journal
article said.
Thomas Kirk Kristiansen also will succeed his father as chairman of the Lego Foundation, which owns 25% of the company. Kjeld Kirk Kristiansen will remain as chairman of the family holding company, Kirkbi A/S, which owns the other 75% of Lego, the
Journal
article said. Kirkbi is jointly owned by Kjeld Kirk Kristiansen and his three children, the report said.
“The family has decided that one person in each generation will be selected as the ‘most active owner,' overseeing relations among the family, the company and the foundation,” the
Journal
article said.
Thomas Kirk Kristiansen told the
Journal
he thought about working outside the company but became interested in Lego in the early 2000s, when the business suffered losses for several years.
Thomas Kirk Kristiansen “said he sees himself as an ambassador and advocate for the company,” the article said. (Source:
Wall Street Journal
, April 28, 2016.)
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