Yesterday, LEGO released a press release regarding the future of the company. It was announced that Kjeld Kirk Kristiansen and his son, Thomas Kirk Kristiansen will be switching roles on the board of directors as Thomas Kirk will be the new deputy chairman while his father becomes an ordinary member of the board.

Kjeld Kirk Kristiansen says:

“The family has for some years been making careful preparations for the future. I am very pleased to say that we are now ready to take certain important steps toward the smooth generational handover that will continue to maintain active family ownership of the LEGO Group – not just for the next generation but also for generations to come. “As part of the preparations, we have decided that in each generation one person should be taking on the role as the most active owner. The most active owner will on behalf of the whole family be close to the LEGO Group, the LEGO Foundation and KIRKBI. We in the family have agreed that Thomas should assume this role in the fourth generation. Thomas has built up an in-depth knowledge of the companies, and he enjoys the backing of the whole family.”

You can read more on the story in the link above or if you’re subscribed to The Wall Street Journal, they did their own piece about this story.