Funko’s president, Andrew Perlmutter, is set to be the firm’s new CEO as Brian Mariotti transitions to the newly created role of chief creative officer, detailing the top level moves the same week the firm delivered ‘its largest topline quarter in company history.’
Last week, the pop culture specialist revealed that second quarter net sales had increased a massive 141 per cent to hit $236.1 million, with ‘broad-based strength’ in all of its markets, particularly Europe where sales increased 393 per cent.
In the firm’s move to maintain its creative leadership in the pop culture consumer products market while positioning itself for long-term growth, it has now detailed its executive leadership transition.
The changes are expected to come into effect from January 3, 2022, allowing both leaders to ‘uniquely contribute to the next phase of Funko’s growth.’ As COO, Mariotti will be able to concentrate on the creative decisions at the company, overseeing product innovation, fan engagement, business development, M&A, and Funko’s Digital product line.
It all follows some record results for Funko who has seen its flagship Pop! Brand grow 137 per cent on strong evergreen product sales, while Loungefly led its non-figure product sales which itself saw an increase of 136 per cent.
Further and more long-term growth is now fully on the cards for Funko as the firm readies to see Perlmutter take on the CEO role. Having first joined the company as senior vice president of sales in 2013, he was promoted to president in 2017 where he currently has oversight over key strategic and operational functions.
“I’m incredibly proud of what we have 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 creating and fan-centric areas I am passionate about.”
On the company’s record Q2 financial results this year, he added: “Our teams delivered the largest top line quarter in company history.
“Second quarter net sales more than doubled versus a year ago and also eclipsed 2019 levels, reflecting broad-based strength across our products, channels and regions.
“We are pleased with our strong year-to-date performance in 2021 and our ability to deliver against our core operating and growth strategies despite the challenges of the pandemic.
“As we approach the second half of the year, we are continuing to navigate the uncertain macro environment, while remaining focused on delighting and engaging our fans around the world.”
Perlmutter, added: “I am honoured to assume the role of CEO in January, while maintaining the longstanding and fruitful partnership Brian and I have enjoyed for many years.
“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 on our direct-to-consumer channel, and expanding our international business.”
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