India-born Mr. Bali Padda is new CEO of Lego

Danish toymaker Lego is to appoint its first foreign CEO and give its family owners a bigger role in developing the Lego brand under an organisational shake-up that will see incumbent Mr. Jorgen Vig Knudstorp step down by the end of the year. Mr. Briton Bali Padda, currently chief operations officer, will replace Mr. Knudstorp, who was the first chief executive from outside the Kristiansen clan, Denmark's richest family. Mr. Knudstorp will now head up the Lego brand, the company said. The change comes after more than a decade of impressive growth under Mr. Knudstorp, during which the company overtook My Little Pony producer Hasbro to become the world's second-largest toy maker and is now vying with Barbie doll maker Mattel to become the world’s biggest.