Board member Michael Lunsford will be the interim CEO
Funko CEO Cynthia Williams has been replaced after just over a year in the role following a tumultuous few months which saw the toy-making giant post a net loss of $27.6 million in the first quarter.
In its most recent guidance, the company cited macroeconomic factors including tariffs as causes for stunted revenue.
The company announced Williams, who was hired in May 2024 after serving as president of Wizards of the Coast and Hasbro Gaming, would be replaced with board member Michael Lunsford on an interim basis.
“The Board of Directors thanks Cynthia for her many accomplishments during her tenure at Funko,” Chairman of the Board Charles Denson said in a statement. “We believe a change in leadership is necessary to deliver full shareholder value and believe Mike’s appointment positions us accordingly. Mike is experienced in leading several companies, including Funko, through successful corporate transitions.
“The Board has asked Mike to help us realize the full potential of the business, including helping to identify a new chief executive officer, accelerating our organic growth, and exploring all financial and strategic options for the business.”
Funko shares were down sharply on the news, from $4.94 at market open Monday morning to $4.35 at close. Shares declined more than 50% during Williams’ tenure.
Will Stern is a reporter and editor for cllct, the premier company for collectible content.
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