After more than 27 years with the company, Arnold E. Rubin is stepping down as CEO of Funrise Inc. Rubin will become chairman, and will continue to serve on the board of Matrix Holdings Ltd., the parent company of Funrise.
King C. Cheng, who is currently the executive vice president of the company, will succeed Rubin as CEO. Both appointments will be effective on May 1.
“It is a tremendous honor to succeed Arnie as CEO,” says Cheng. “This is a very exciting time at the company. We have an incredibly talented team here at Funrise who all share a strong commitment to driving the business forward with creative passion and ingenuity.”
Rubin has been active in the toy industry for over 50 years. In 1969, he co-founded Imperial Toy and served as its president before establishing Funrise in 1987. Mr. Rubin also served as chairman of the Toy Industry Association from 2004 to 2006, and the Toy Industry Foundation from 2006 to 2008. In recognition of his significant contributions, Mr. Rubin was inducted into the Toy Industry Hall of Fame in 2012.
“After a half-century of active involvement in the toy industry, I have decided that now is the right time to hand over leadership of the company to the next generation,” says Rubin. “Funrise has come a long way since I founded the company back in 1987, and I am especially proud of the growth we have achieved over the past few years. We are a company on the rise, with a portfolio of powerhouse brands and a great track record of innovation. Having worked closely with King since he began his career in the industry, I know he has the right combination of dynamic leadership and strategic vision to bring Funrise to the next level.”
Cheng joined the Matrix Group in 2009 and became executive vice president at Funrise in 2013, with responsibility for the company’s global supply chain and international operations. He is also a director of Matrix Holdings Ltd. Cheng was previously vice president international and director corporate development with Matrix in Hong Kong.
