The C-suite is poppin’ at Funko amid a raft of executive changes.
Following a tumultuous third quarter that presented record sales mirrored by weak earnings and a reduced outlook, the company says that it hopes to “strengthen its operations, drive enhanced returns for stockholders, and best position Funko to capture the significant opportunities ahead.”
Brian Mariotti, chief creative officer, board member, and former CEO of Funko, is returning to the role of CEO, effective immediately. Andrew Perlmutter has stepped down as CEO and assumed the role of president. Perlmutter will remain on the board of directors and will focus on growing the company’s brands.
Jennifer Fall Jung stepped down as chief financial officer prompting a search for a replacement. In the meantime, Funko tapped Tatum, a global talent services firm, to secure Scott Yessner as interim CFO. Additionally, Funko is seeking someone to fill the newly created role of chief operating officer. Amid the moves, Steve Nave, formerly of Walmart and Bluestem Brands, has been hired as a consultant.
“This is an important time for Funko, and my belief in the company’s promise and vision is as strong as ever,” Mariotti says. “Funko has a diverse and valuable portfolio of products with strong demand from our loyal, engaged, and growing fan base. We are making critical investments across our business, including within the operations and leadership of our warehouse to improve our customer experience and maximize growth opportunities as our business scales. We recognize there is more work to be done so that we can capitalize on our unique value proposition. I look forward to collaborating with the new members of the leadership team, as we focus on making the necessary operational and strategic changes to deliver value for our stockholders.”
TCG, which owns approximately 25% of Funko, says that it remains confident in the long-term potential of the company.
During its October investor day presentation, Funko mentioned three acquisitions that have not yet been revealed.
Stay tuned to The Toy Book for more developments in the weeks ahead.
