Funko Appoints Cynthia Williams as CEO to Drive Growth

Funko Inc. appoints Cynthia Williams as CEO, effective May 20, 2024, bringing nearly two decades of senior leadership experience. Williams succeeds Michael Lunsford, who served as interim CEO, and will drive Funko's next phase of growth and profitability.

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Bijay Laxmi
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Funko Appoints Cynthia Williams as CEO to Drive Growth

Funko Appoints Cynthia Williams as CEO to Drive Growth

Funko Inc., the pop culture collectibles company, has announced the appointment of Cynthia Williams as its new Chief Executive Officer, effective May 20, 2024. Williams, who most recently served as President of Hasbro's Wizards of the Coast division, will bring nearly two decades of senior leadership experience across the consumer products, gaming, and e-commerce industries to drive Funko's next phase of growth and profitability.

Williams will succeed Michael Lunsford, who has been serving as Funko's interim CEO. "After a thorough and comprehensive search process, we are thrilled to welcome Cynthia as our CEO," said Jesse Jacobs, chairman of Funko's nominating and corporate governance committee. "Cynthia has a deep understanding of pop culture, entertainment, and fandoms, with a proven background in building consumer brands, developing worldwide strategies, and driving global growth."

In her role at Hasbro, Williams oversaw the significant expansion of iconic gaming franchises like Dungeons & Dragons, Magic: The Gathering, and Monopoly. Prior to that, she spent several years at Microsoft driving the growth of Xbox Gaming and over a decade at Amazon playing a key role in the global expansion of their direct-to-consumer e-commerce business, Fulfillment by Amazon.

"I am honored to lead Funko, a company celebrated for its history of creativity and innovation on behalf of a passionate fan base," said Williams. "Funko has built a portfolio of valuable global brands, and I am energized about this unique opportunity to help Funko fully realize its potential." Williams will receive an annual base salary of $1 million and is eligible for performance-based bonuses of up to 200%.

Funko reported its first quarter 2024 financial results, with net sales of $215.7 million, a 14.4% drop from the prior year. Despite the sales decline, the company delivered gross margin and adjusted EBITDA above expectations. Funko is reiterating its full-year guidance, projecting net sales of $1.1 billion.

Under Lunsford's leadershipas interim CEO, Funko has refocused its business on core assets, lowered debt levels, and substantially improved margins. "We are confident Cynthia has the experience, leadership capabilities and strategic vision to guide Funko into the future,"said Charles Denson, Funko's Chairman. With Williams at the helm, Funko is poised to capitalize on growth opportunities and further solidify its position as a leadingpop culture lifestylebrand.