EVERETT — Funko named current board member Michael Lunsford as interim CEO, replacing Cynthia Williams who had assumed the role 14 months earlier, the company announced Monday.
The move, effective Saturday, means that Lunsford will continue to serve on the company’s board of directors.
In the statement, Charles Denson, chairman of the board for Funko, thanked Williams for her service but said a change was needed.
“We believe a change in leadership is necessary to deliver full shareholder value and believe Mike’s appointment positions us accordingly,” Denson said. “Mike is experienced in leading several companies, including Funko, through successful corporate transitions.”
Lunsford served previously as interim CEO for Funko from 2023 to 2024.
“I believe we have yet to achieve the full potential of Funko,” Lunsford said. “We have an iconic brand, passionate fans, great licensing and retail partners, and a dedicated team of highly capable employees.”
Williams could not be reached for comment.
Funko cited Williams senior leadership experience when she was hired in May 2024 including driving the expansion of Xbox gaming at Microsoft and leading Hasbro’s Wizards of the Coast division. The Hasbro division is responsible for making Dungeons & Dragons and Magic: The Gathering video games. Funko recruited her in 2024 to reverse the company’s troubled financial picture.
Funko’s stock closed at $4.32 a share Tuesday on the NASDAQ, down 11% and less than half of what it was trading a year ago. It recovered slightly on Wednesday, trading at $4.44 a share during midday trading.
The company first quarter earnings ending March 31 showed net losses increased to $28 million compared to $23.6 million in same quarter a year earlier. The toy company will release its second quarter earnings on July 30.
Revenue has declined the last two years and amounted to $1.05 billion in 2024, down from $1.3 billion in 2022.
Funko, with its main store in downtown Everett, is known for its pop culture figurines from popular brands like Power Rangers.
In May Funko announced on its website in May that it was raising the price of its basic Pops! figures to $15, up three dollars, because in part tariffs and the rising cost of materials. The figures, from movies, television shows and video games are typically 3.75 inches tall, although others might vary in size.
As interim CEO, Lunsford said he plans to address rising costs but failed to provide specifics.
Randy Diamond: 425-339-3097; randy.diamond@heraldnet.com.
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