Longtime Lego CEO to be replaced

Markets Associated Press

  • Danish toys group LEGO's new CEO Bali Padda, Tuesday Dec. 6. 2016 speaks  at an press conference in Copenhagen, Denmark. Lego said Tuesday Dec. 6, 2016 that chief operations officer Bali Padda will take over Jan. 1 from Jorgen Vig Knudstorp, who will head up a new entity within the group. Padda, joined Lego in 2002 in Enfield, Connecticut. (Stine Bidstrup/Polfoto via AP)

    Danish toys group LEGO's new CEO Bali Padda, Tuesday Dec. 6. 2016 speaks at an press conference in Copenhagen, Denmark. Lego said Tuesday Dec. 6, 2016 that chief operations officer Bali Padda will take over Jan. 1 from Jorgen Vig Knudstorp, who will ... head up a new entity within the group. Padda, joined Lego in 2002 in Enfield, Connecticut. (Stine Bidstrup/Polfoto via AP) (The Associated Press)

  • FILE - In this March 1, 2016 file photo  Danish toys group LEGO's CEO Joergen Vig Knudstorp  speaks in the company's headquarters in Billund, Denmark. Lego said Tuesday Dec. 6, 2016 that chief operations officer Bali Padda will take over Jan. 1 from Jorgen Vig Knudstorp, who will head up a new entity within the group. Padda, joined Lego in 2002 in Enfield, Connecticut. (Tobias Nikolai/Polfoto via AP, file)

    FILE - In this March 1, 2016 file photo Danish toys group LEGO's CEO Joergen Vig Knudstorp speaks in the company's headquarters in Billund, Denmark. Lego said Tuesday Dec. 6, 2016 that chief operations officer Bali Padda will take over Jan. 1 from ... Jorgen Vig Knudstorp, who will head up a new entity within the group. Padda, joined Lego in 2002 in Enfield, Connecticut. (Tobias Nikolai/Polfoto via AP, file) (The Associated Press)

  • FILE - In this March 1, 2016 file photo of  Danish toys group LEGO's CEO Joergen Vig Knudstorp as he speaks in the company's headquarters in Billund, Denmark. Lego said Tuesday Dec. 6, 2016 that chief operations officer Bali Padda will take over Jan. 1 from Jorgen Vig Knudstorp, who will head up a new entity within the group. Padda, joined Lego in 2002 in Enfield, Connecticut. (Tobias Nikolai/Polfoto via AP, file)

    FILE - In this March 1, 2016 file photo of Danish toys group LEGO's CEO Joergen Vig Knudstorp as he speaks in the company's headquarters in Billund, Denmark. Lego said Tuesday Dec. 6, 2016 that chief operations officer Bali Padda will take over Jan. ... 1 from Jorgen Vig Knudstorp, who will head up a new entity within the group. Padda, joined Lego in 2002 in Enfield, Connecticut. (Tobias Nikolai/Polfoto via AP, file) (The Associated Press)

Lego, the Danish company famous for its popular colored toy blocks, says its top boss for the past 12 years will be replaced by the group's current chief operating officer.

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Lego said Tuesday that Bali Padda will take over Jan. 1 from Jorgen Vig Knudstorp, who will head up a new entity within the group.

Padda, the current chief operations officer, joined Lego in 2002 in Enfield, Connecticut.

It was not immediately clear why Vig Knudstorp, who became in 2004 the first non-family member to head the group, will be replaced. Under him, the toymaker's annual income has gone from a loss to a notable profit.

In March, the group said its 2015 revenue soared 25 percent to 35.8 billion kroner.