Danish toy maker Lego announced Tuesday a management shake-up to develop the brand beyond its iconic plastic bricks under the leadership of its veteran chief who brought the company back from the brink of bankruptcy. Chief executive Jorgen Vig Knudstorp took over Lego when it was on verge of collapse in 2004 and transformed it into one of the industry's biggest success stories, but he will step down by the end of the year to head a new unit focusing on the Lego brand, called Lego Brand Group, the company said.
"With our recent growth and globalisation come new and exciting opportunities for the brand," deputy chairman and fourth generation owner Thomas Kirk Kristiansen said in a statement. Lego's colourful toy blocks have proved resilient to the rise of digital devices which is battering the traditional toy industry, but the company has also been adept at using different channels to engage with children.