Too old for Lego? Chief executive Bali Padda replaced by Niels Christiansen

 
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Lego is appointing a younger CEO who can have a longer tenure (Source: Getty)

The chief executive of Lego will step down after just eight months because he is too old to have a long tenure.

Bali Padda, the first chief executive from outside Denmark, will exit the company because the 61-year-old is unlikely to be able to serve more than a few years in the post.

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His role will be taken over by 51-year-old Niels Christiansen, former chief executive of Danish industrial group Danfoss.

Lego’s chairman Jorgen Vig Knudstorp said the decision was not a reflection of Mr Padda’s performance, but because he was not able to have a long tenure.

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He told the Financial Times that it had always been the plan to look for a successor straight away while Padda was in the role, but that the recruitment process had been faster than he had anticipated.

"I was just very fortunate that, relatively early, we found the right person,” Knudstorp said.

He added that Padda had made a significant contribution to the turnaround of the company after it approached near-collapse over a decade ago.

Padda, who was appointed in January, has worked at the company for 15 years. He will remain at Lego in a special advisory role from October, when Christiansen takes over.

Christiansen has been chief executive of Danfoss for nine years, and has also served as COO and executive vice president. The industrials company, like Lego, is a family-owned Danish business.

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