Lego's CEO Knudstorp to step down by year-end

Justin Tallis | AFP | Getty Images

Jorgen Vig Knudstorp, who has headed Lego through a major turnaround since 2004, will step down by the end of the year, the unlisted Danish toymaker said on Tuesday.

He will be replaced by the current Chief Operations Officer Bali Padda, who has been with the company for 14 years, Lego said.

Knudstorp will not leave the company but head up a new entity dubbed Lego Brand Group.

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