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Longtime Lego CEO Knudstorp to Step Down by Year's End

Lego's Jorgen Vig Knudstorp will step down as CEO by the end of the year and become chairman of the company.

Knudstorp, who led the Danish toy maker through a significant turnaround since 2004, will be succeeded by COO Bali Padda effective Jan. 1, according to a statement. Padda has been with the company for 14 years.

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