Lego has announced it is replacing its chief executive just eight months after he took up the role.
Bali Padda was appointed head of the Danish toy company in January, but he ewill step down to a “special advisory role” to make way for new boss Niels Christiansen on 1 October.
Lego’s chairman has told the Financial Times that the change in management has nothing to do with Mr Padda’s performance as chief executive and instead is down to the 61-year-old’s age.
Jorgen Vig Knudstorp told the newspaper Mr Padda was aware the company would be actively searching for his successor as his age meant he would only be able to do the job for a few years.
Mr Knudstorp said the transition to a new chief executive simply happened more rapidly than had been anticipated.
“Bali has been part of the LEGO Group family for the past 15 years,” he said.
“He played an integral role in the turnaround of the LEGO Group and during his time as CEO created a solid foundation from which to continue to transform the company.
“He is a great friend and a wonderful ambassador for the LEGO brand.”
Mr Christiansen, 51, was previously the head of global industrial technology firm Danfoss.
He said he is “honoured to have the opportunity to join an organisation as iconic and purpose-driven as the LEGO Group.”