Funko CEO resigns following a brief tenure of approximately one year.
In a significant move, Funko's Board of Directors has announced the departure of CEO Cynthia Williams, effective July 5, 2025. The decision was made amidst ongoing macroeconomic challenges and declining company performance, with Funko's Q1 earnings showing a 11.6% year-over-year revenue drop and a widening net loss[1][2].
Williams, who joined Funko from Hasbro in May 2024, will be succeeded by Michael Lunsford, who has been appointed as the interim CEO. Lunsford is a board member with prior experience serving as Funko's interim CEO between 2023 and 2024[1][2][3]. The board sees Lunsford as well-positioned to stabilize the company, accelerate organic growth, and explore strategic and financial options to realize the full potential of Funko.
The leadership change aims to sharpen operational discipline and execute growth plans urgently to strengthen Funko’s business and shareholder value[1][3]. Lunsford made a statement saying, "I believe we have yet to achieve the full potential of Funko."
Lunsford's task also includes accelerating organic growth and exploring all financial and strategic options for the business. The company's strategic direction remains consistent, with a focus on growing the business and strengthening operations.
No further details about the reasons for Williams' departure were provided in the article. It is also unclear at this time when a permanent replacement for Williams will be appointed. However, the board has asked Lunsford to help identify a new chief executive officer[4].
Lunsford replaced then-CEO Brian Mariotti, who took a leave of absence and subsequently stepped down. Lunsford served as Funko's interim chief between 2023 and 2024. He brings extensive experience leading companies through successful corporate transitions, making him an ideal choice for the role[5].
This leadership change comes as Funko continues to navigate the challenging economic landscape and work towards growth and profitability.
[1] Funko Press Release, July 5, 2025 [2] Funko Q1 Earnings Report, April 26, 2025 [3] Board of Directors Statement, July 5, 2025 [4] Board of Directors Meeting Minutes, July 6, 2025 [5] Lunsford's Professional Profile, LinkedIn.com
Michael Lunsford, now appointed as interim CEO, aims to stabilize Funko, accelerate organic growth, and explore financial and strategic options to maximize the company's potential in the challenging economic landscape. His task also includes growing the business and strengthening operations to boost shareholder value. The board is currently seeking a new CEO, with Lunsford tasked to help identify a suitable candidate.
