Jørgen Vig Knudstorp
{{Short description|Danish businessman (born 1968)}}
{{Infobox person
|name = Jørgen Vig Knudstorp
|image = Jorgen_Knudstorp.JPG
|image_size =
|birth_date = {{Birth date and age|1968|11|21|df=y}}
|birth_place = Fredericia, Denmark
|title = President and CEO of The Lego Group (2004–2017)
|spouse = Vanessa Knudstorp
|children = 4
|education = Aarhus University (BEcon, MS, PhD)
|occupation = {{hlist|Businessman|business executive|consultant}}
}}
Jørgen Vig Knudstorp (born 21 November 1968) is a Danish businessman who is the current executive chairman of The Lego Group. He succeeded Kjeld Kirk Kristiansen as president and CEO of the company in October 2004, holding the position for over 12 years until January 2017, when he stepped down to become executive chairman.
He was the second person from outside the family of Ole Kirk Christiansen to lead the company (the first one being Vagn Holck Andersen between 1973 and 1979), and is widely credited with turning it around from failure.{{cite web|url=https://hbr.org/2009/01/lego-ceo-jorgen-vig-knudstorp-on-leading-through-survival-and-growth|title=Lego CEO Jørgen Vig Knudstorp on leading through survival and growth|access-date=15 November 2023|last=O’Connell|first=Andrew}}{{cite news|url=https://www.washingtonpost.com/news/on-leadership/wp/2016/12/08/brick-by-brick-the-man-who-rebuilt-the-house-of-lego-shares-his-leadership-secrets/|title=Brick by brick: The man who rebuilt the house of Lego shares his leadership secrets|access-date=15 November 2023|last=McGregor|first=Jena|newspaper=The Washington Post }}
Early years
Knudstorp was born on 21 November 1968 in Fredericia, Denmark. He graduated from Fredericia Gymnasium before attending Aarhus University.{{Cite news |last=Ward |first=Andrew |date=17 July 2011 |title=A brick by brick brand revival |url=https://www.ft.com/content/0596a1f0-af27-11e0-914e-00144feabdc0 |work=Financial Times |access-date=26 November 2024}}{{cite web|url=http://www.au.dk/en/annualcelebration/annual-celebration-2014/the-aarhus-university-distinguished-alumnus/?no_cache%3D1 |title=The Aarhus University Distinguished Alumnus |access-date=6 October 2014 |url-status=dead |archive-url=https://web.archive.org/web/20141010200515/http://www.au.dk/en/annualcelebration/annual-celebration-2014/the-aarhus-university-distinguished-alumnus/?no_cache=1 |archive-date=10 October 2014 }}
After obtaining his undergraduate degree in economics, Knudstorp began an academic career as a researcher at his alma mater as well as obtaining a master's degree (1995) and a PhD (1998) in Economics from Aarhus University. He stayed in academia, but worked as a business consultant from 1998 to 2000.
LEGO career
Jørgen Vig Knudstorp joined the LEGO Group in 2001 after working as a McKinsey & Company consultant{{cite web|last1=Feloni|first1=Richard|title=How LEGO Came Back From The Brink Of Bankruptcy|url=http://www.businessinsider.com/how-lego-made-a-huge-turnaround-2014-2?r=US&IR=T&IR=T|website=businessinsider.com|publisher=Business Insider Inc.|date=10 February 2014|access-date=8 December 2016|archive-date=20 December 2016|archive-url=https://web.archive.org/web/20161220112929/http://www.businessinsider.com/how-lego-made-a-huge-turnaround-2014-2?r=US&IR=T&IR=T|url-status=live}}
and university researcher at Aarhus University. In 2004, he was selected as the company's next leader.
Under Knudstorp's tenure, LEGO's yearly income went from a loss to drawing a notable profit.{{cite web|last1=Schwartz|first1=Nelson D.|title=One brick at a time|url=https://money.cnn.com/magazines/fortune/fortune_archive/2006/06/12/8379252/index.htm|website=fortune.com|publisher=FORTUNE Magazine|date=8 June 2006}}{{cite web|author1=Agence France-Presse|title=Toy Maker LEGO Sees Profits Soar in 2009, More to Come in 2010|url=http://www.industryweek.com/articles/toy_maker_lego_sees_profits_soar_in_2009_more_to_come_in_2010_21251.aspx|website=Industryweek.com|publisher=IndustryWeek|access-date=8 December 2016|date=4 March 2010|url-status=dead|archive-url=https://web.archive.org/web/20161220090802/http://www.industryweek.com/articles/toy_maker_lego_sees_profits_soar_in_2009_more_to_come_in_2010_21251.aspx|archive-date=20 December 2016}} In 2016, the company experienced a 600% increase in turnover, from 6.3 billion to 37.9 billion.{{cite web|last1=Tools|first1=JP|title=LEGO Hovedtal Kilde Legos årsrapporter|url=http://tools.jp.dk/charts/?id=4223#ebembed-generic-4223-1502349717594|website=jyllands-posten.dk|publisher=Jyllands-Posten|date=10 August 2017|access-date=10 August 2017|archive-date=10 August 2017|archive-url=https://web.archive.org/web/20170810131602/http://tools.jp.dk/charts/?id=4223#ebembed-generic-4223-1502349717594|url-status=live}} In December 2016, it was announced that Knudstorp would step down as CEO of LEGO, and instead take the position of chairman of the group.{{cite web|last1=Pedersen|first1=Signe Ferslev|title=Knudstorp stopping as CEO of LEGO|url=http://www.business.dk/detailhandel/knudstorp-stopper-som-direktoer-i-lego|website=Business.dk|publisher=Berlingske Media|access-date=6 December 2016|language=da|date=6 December 2016|archive-date=6 December 2016|archive-url=https://web.archive.org/web/20161206191637/http://www.business.dk/detailhandel/knudstorp-stopper-som-direktoer-i-lego|url-status=live}} He was succeeded by Bali Padda.{{cite web|url=https://www.forbes.com/sites/kevinomarah/2016/12/07/supply-chain-to-ceo-bali-padda-takes-the-helm-at-lego/?sh=6e1814b17c28|title= Supply Chain To CEO: Bali Padda Takes The Helm At Lego|access-date=15 November 2023|date=7 December 2016|last=O'Marah|first=Kevin|website= Forbes}}
Positions outside Lego
In January 2017, Starbucks nominated Knudstorp to its board of directors.{{Cite web|url=https://investor.starbucks.com/press-releases/financial-releases/default.aspx|title=Starbucks Corporation - Press Releases - Financial Releases|website=investor.starbucks.com|access-date=27 February 2023|archive-date=1 December 2022|archive-url=https://web.archive.org/web/20221201043519/https://investor.starbucks.com/press-releases/financial-releases/default.aspx|url-status=live}} He joined the board of Merlin Entertainments in 2019.{{Cite web |last=Morris |first=Josh |date=5 November 2019 |title=Board changes at Merlin as scheme becomes effective |url=https://www.insidermedia.com/news/deals/board-changes-at-merlin-as-scheme-becomes-effective |publisher=Insider Media}}
Personal life
References
{{reflist}}
External links
- [http://aboutus.lego.com/en-us/lego-group/management LEGO Company Management] {{Webarchive|url=https://web.archive.org/web/20140327005036/http://aboutus.lego.com/en-us/lego-group/management |date=2014-03-27 }}
- [https://web.archive.org/web/20070519002850/http://www.monocle.com/business/q_and_a_with_the_ceo_of_lego.php Interview with Jørgen Vig Knudstorp at Monocle]
- [https://web.archive.org/web/20100501233949/http://www.meettheboss.tv/broadcast/?contributorFullName=jrgen-vig-knudstorp&mediaTitle=the-man-who-rescued-lego&mediaFileId=289 Interview with Jørgen Vig Knudstorp at Meet the Boss TV]
- [https://www.bcg.com/publications/2017/people-organization-jorgen-vig-knudstorp-lego-growth-culture-not-kid-stuff.aspx At LEGO, Growth and Culture Are Not Kid Stuff - An interview with Jorgen Vig Knudstorp]
- [https://one.npr.org/?sharedMediaId=1043122974:1043405705 Wisdom From The Top with Guy Raz]
{{Lego}}
{{DEFAULTSORT:Knudstorp, Jorgen Vig}}
Category:Danish businesspeople
Category:Danish chairpersons of corporations
Category:McKinsey & Company people