Funko Replaces CEO After One Year Amid Losses, Falling Sales (1)

Toymaker Funko Inc. replaced Chief Executive Officer Cynthia Williams after just one year on the job, naming board member and former CEO Michael Lunsford as interim head to reverse the company’s slumping fortunes.

“We believe a change in leadership is necessary to deliver full shareholder value and believe Mike’s appointment positions us accordingly,” the Everett, Washington-based company said in a statement.

Shares of Funko have dropped more than 50% in the past year. Recruited from Hasbro Inc., Williams narrowed annual losses at the company, which is known for big-headed pop-culture figurines from brands like the Power Rangers. ...