Lego has removed its British chief executive after just eight months in the top job, saying it has found a younger replacement earlier than expected.
The 61-year-old Bali Padda, who became the first non-Dane to lead the plastic brick giant when he started as chief executive in January, has been moved to a "special advisory role" to make way for new boss Niels Christiansen, the former chief executive of industrial technology company Danfoss.
Lego's chairman Jorgen Vig Knudstorp said the decision was not a reflection of Padda's performance, but because the Briton's age meant that he would not be able to have a long tenure.
"He has definitely not disappointed us," Mr Knudstorp told the Financial Times. "Bali knew that I would immediately look for a successor.
"Both Bali and I thought it would take a long time as it's not a trivial matter. I was just very fortunate that, relatively early, we found the right person."
The privately-owned toymaker, which has recovered from near-collapse 13 years ago, saw slowing growth in the second half of last year as profits returned to a more "sustainable" level after years of double-digit growth.
In a statement, Mr Knudstorp said Mr Padda, who has worked at the company for 15 years, played an "integral role in the turnaround" and created a "solid foundation from which to continue to transform the company".
Mr Christiansen, who is 51-years-old starts as chief executive in October, said he has "loved building with Lego bricks" since he was a child.
"As I look at the challenges facing this generation of children, the group's mission, to inspire and develop the builders of tomorrow, is more important and urgent than ever," he said.
