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Andrew Perlmutter to become Chief Executive Officer
Brian Mariotti to become Chief Creative Officer and Continue as Director
EVERETT, Wash., August 05, 2021--(BUSINESS WIRE)--Funko, Inc. ("Funko," or the "Company") (Nasdaq: FNKO), a leading pop culture consumer products company, today announced its executive leadership transition plan, designed to maintain Funko’s signature creative leadership, while positioning the company to deliver long-term growth and shareholder value.
Pursuant to the transition plan, Andrew Perlmutter, President, is expected to be appointed Chief Executive Officer ("CEO"), and Brian Mariotti, Funko’s CEO, is expected to transition to the newly created role of Chief Creative Officer ("CCO"), and continue to serve as a member of the Board of Directors. The leadership changes are expected to be effective January 3, 2022 and will enable a phased transition period that allows both leaders to uniquely contribute to the next phase of Funko’s growth. As CCO, Mr. Mariotti will be able to concentrate more fully on the creative decisions that remain central to Funko’s success. His creative oversight will include product innovation, fan engagement, business development, M&A and Funko’s Digital Pop! product line.
Mr. Perlmutter brings extensive experience in collectibles, toys and games, and both a deep and broad background with Funko. Mr. Perlmutter first joined the Company as Senior Vice President of sales in 2013 and was promoted to President in 2017. As President, Mr. Perlmutter has oversight over key strategic and operational functions, and most notably leads the Company’s four-pillared approach to deliver long-term growth. Mr. Perlmutter is a proven leader with broad-ranging support throughout the organization.
"I’m incredibly proud of what we’ve accomplished at Funko. 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 creative and fan-centric areas I am passionate about," said Brian Mariotti, Chief Executive Officer. "We have an amazing set of opportunities in front of us, and there isn’t a better person to lead us than Andrew. His experience and vision will be critical in delivering the next phase of Funko’s growth."
"I’m honored to assume the role of CEO in January, while maintaining the longstanding and fruitful partnership Brian and I have enjoyed for many years," said Andrew Perlmutter, President. "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 in our direct-to-consumer channel; and expanding our international business."
Conference Call and Webcast
The Company will host a conference call at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) today, August 5, 2021, to further discuss the leadership changes as well as its second quarter results and business outlook. A live webcast and replay of the event will be available on the Investor Relations section on the Company’s website at investor.funko.com. The replay of the webcast will be available for one year.
Headquartered in Everett, Washington, Funko is a leading pop culture consumer products company. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, action toys, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at www.funko.com, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the expected leadership changes and Funko’s future growth and strategy. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our leadership transition plan may change prior to the effective date of January 3, 2022; risks related to the impact of COVID-19 on our business, financial results and financial condition; our ability to execute our business strategy; our ability to maintain and realize the full value of our license agreements; changes in the retail industry and markets for our consumer products; our ability to maintain our relationships with retail customers and distributors; our ability to compete effectively; fluctuations in our gross margin; our dependence on content development and creation by third parties; the ongoing level of popularity of our products with consumers; our ability to manage our inventories; our ability to develop and introduce products in a timely and cost-effective manner; our ability to obtain, maintain and protect our intellectual property rights or those of our licensors; potential violations of the intellectual property rights of others; risks associated with counterfeit versions of our products; our ability to attract and retain qualified employees and maintain our corporate culture; our use of third-party manufacturing; risks associated with our international operations; changes in effective tax rates or tax law; foreign currency exchange rate exposure; the possibility or existence of global and regional economic downturns; our dependence on vendors and outsourcers; risks relating to government regulation; risks relating to litigation, including products liability claims and securities class action litigation; any failure to successfully integrate or realize the anticipated benefits of acquisitions or investments; reputational risk resulting from our e-commerce business and social media presence; risks relating to our indebtedness and our ability to secure additional financing; the potential for our electronic data or the electronic data of our customers to be compromised; the influence of our significant stockholder, ACON, and the possibility that ACON’s interests may conflict with the interests of our other stockholders; risks relating to our organizational structure; volatility in the price of our Class A common stock; and risks associated with our internal control over financial reporting. These and other important factors discussed under the caption "Risk Factors" in our quarterly report on Form 10-Q for the quarter ended June 30, 2021 and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
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