Funko (FNKO) Initiates Leadership Changes
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Funko, Inc. (“Funko” or “the Company”) (Nasdaq: FNKO), a leading pop culture lifestyle brand, today announced a series of leadership changes to strengthen the Company’s operations, drive enhanced returns for stockholders and best position Funko to capture the significant opportunities ahead. These changes include:
- Brian Mariotti, Chief Creative Officer, board member and former Chief Executive Officer of Funko, has been appointed Chief Executive Officer, effective immediately. Mr. Mariotti succeeds Andrew Perlmutter, who is stepping down as CEO and will become President, effective immediately. As President, Mr. Perlmutter will focus primarily on growing the Company’s brands and will remain on the Board of Directors. Mr. Mariotti has a mandate from the Board to identify operational improvements while continuing to drive profitable growth.
- Jennifer Fall Jung is stepping down as Chief Financial Officer, effective immediately. The Board has initiated a search to identify the Company’s next permanent CFO. Scott Yessner will serve as interim CFO until Ms. Fall Jung’s successor is identified. Mr. Yessner has been engaged through Tatum, a global talent services firm, and brings a 20-year track record of helping companies during transformative periods.
- The Board is also creating a new role of Chief Operating Officer and will work to identify a world class executive to fill that role and lead the Company’s operational improvements. The Board has retained a leading executive search firm to assist in the search for the permanent CFO and the COO.
- The Company has engaged Steve Nave as a consultant to the Company, effective immediately, and he will work full-time alongside the management team to drive strategic and operational execution. Mr. Nave brings decades of leadership experience in retail, consumer and e-commerce with a track record of leading companies through significant growth. He held several executive leadership positions with Walmart.com and Bluestem Brands, including serving as Walmart.com’s Chief Financial Officer, Chief Operating Officer and Chief Executive Officer followed by serving as the Chief Executive Officer of Bluestem Brands.
“The Board is taking swift and decisive action to strengthen operations and drive improved results for our stockholders,” said Charles Denson, Chairman of the Board. “We are grateful to Brian for stepping back in as CEO during this important time, and the Board is focused on identifying a COO who will work with him to execute on operational enhancements across the organization. We will also work with urgency to identify a permanent CFO with significant financial expertise and leadership experience. The Board believes the actions being taken today will enable the Company to deliver on its near and long-term strategic and financial goals.”
“This is an important time for Funko, and my belief in the Company’s promise and vision are as strong as ever,” said Mr. Mariotti. “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.”
Jesse Jacobs, Funko director and Co-founder and Partner of TCG, which owns approximately 25% of the Company, added, “The Board made these changes to strengthen the Company and deliver value for all Funko stockholders. My colleagues at TCG and I remain confident in the long-term potential of the Company.”
The Company noted that the announced leadership transitions are not related to any issues with respect to the integrity of the Company’s financial statements or accounting policies and practices.
About Brian Mariotti
Brian Mariotti served as Funko, lnc.'s Chief Creative Officer since January 2022, prior to which Mr. Mariotti served as Chief Executive Officer and has been a member of the Funko, Inc. board of directors since its formation in April 2017. Prior to the formation of Funko, Inc., Mr. Mariotti served as the Chief Executive Officer of FAH, LLC and as a member of FAH, LLC's board of directors since October 2015. Mr. Mariotti also served as Chief Executive Officer of Funko, LLC since he acquired the business with a small group of investors in 2005.
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