mw_logo_social.png

Funko Shares Up 8.3% After Former CEO Returns

By Kathryn Hardison

Shares of Funko Inc. increased 8.3% to $11.24 Tuesday after the pop culture lifestyle brand brought back its ex-chief executive, Brian Mariotti, part of a broader leadership shuffle following declining third-quarter profit.

The company on Monday said Mr. Mariotti would resume the CEO position immediately. He succeeds Andrew Perlmutter, who is now the company’s president.

Shares in early November lost more than half their value after the company reported a third-quarter earnings decline and cut its annual forecast ahead of the holiday season. Shares hit a 52-week intraday low on Nov. 5 at $7.60 a share, according to FactSet. The stock had reached a four-year intraday high on Aug. 1 at $27.79 a share, according to FactSet.

As part of the broader executive shuffle, Jennifer Fall Jung stepped down as chief financial officer, and Scott Yessner was appointed interim CFO. The company noted that Mr. Yessner has a 20-year track record of helping companies during transformative periods.

The company also created a new chief operating officer role and is working with an executive search firm to fill it as well as the permanent CFO position.

Steve Nave, who has decades of experience in retail and e-commerce, also will serve as a consultant to the company as it focuses on strengthening operations and delivering value for stockholders, the company said.

Shares traded 40% lower for the year.

Write to Kathryn Hardison at kathryn.hardison@wsj.com


Source link

Leave A Comment

Your email address will not be published. Required fields are marked *