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New CEO Coming To Funko, Amid Record Revenues

The leading pop culture consumer products company Funko today announced its executive leadership transition plan, which includes the appointment of Andrew Perlmutter as CEO. 

Funko says the transition plan is designed to maintain Funko’s creative leadership in the consumer product and licensing sectors, while positioning the company to deliver long-term growth and shareholder value.

Long-time Funko exec Andrew Perlmutter will take the reins in January as the company’s new CEO.

As a major aspect of that plan, Perlmutter will take over as CEO from Brian Mariotti, who is expected to transition to the newly created role of Chief Creative Officer (CCO), and who will also continue to serve as a member of the Board of Directors.

The changes are being made even though Funko recorded record revenues and posted some impressive growth figures over the past year. In the most recent quarterly results, released this week, Funko revealed its net sales increased 141% year over year to $236.1 million, gross margins soared by 250 basis points to 39%, and net income increased by $36 million to $20.9 million.

But Funko management says this is not the time for the company to rest on its laurels, and has embarked on the transition plan to better prepare for sustained growth in a decidedly unpredictable economy.

The leadership changes are expected to take effect Jan. 3, 2022 and will enable a phased transition period that allows both leaders to uniquely contribute to the next phase of Funko’s growth. The company says the point of the transition is to better allow Mariotti to focus more fully on the creative decisions and programs that are critical to Funko’s success.

“His creative oversight will include product innovation, fan engagement, business development, M&A and Funko’s Digital Pop! product line,” Funko said in a statement.

The move is similar to that recently undertaken at Amazon, where founder Jeff Bezos stepped back from the CEO’s position in order to focus on the overall company’s future growth and innovation.

In the meantime, Perlmutter, who has extensive experience in collectibles, toys and games, will be able to have more autonomy and focus on the strategic and operational aspects of the business.

“I’m honored to assume the role of CEO in January, while maintaining the longstanding and fruitful partnership Brian and I have enjoyed for many years,” said Perlmutter. “With the transition, we plan to continue to pursue a four-pillar approach that focuses on leveraging our core Pop! platform; driving additional revenue streams through product diversification; accelerating growth in our direct-to-consumer channel; and expanding our international business.”

Perlmutter first joined the Company as Senior Vice President of Sales in 2013 and was promoted to President in 2017. As President, Perlmutter has oversight over key strategic and operational functions.

“I’m incredibly proud of what we’ve accomplished at Funko,” said Mariotti. “We built a small company into the leading pop culture platform, offering our fans across the globe a way to interact and connect with some of their most beloved icons.

“This transition will allow me to remain closely involved with the business while focusing more exclusively on the creative and fan-centric areas I am passionate about,” Mariotti added. “We have an amazing set of opportunities in front of us, and there isn’t a better person to lead us than Andrew. His experience and vision will be critical in delivering the next phase of Funko’s growth.”

Funko Ends Strong in Tough Year

Funko Opens Virtual, COVID-Safe Showroom

Founders Transition to New Leadership at Spin Master

 

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