Funko Inc. has appointed an interim CEO, effective July 5, and he previously held the same position at the toys and collectibles brand in 2023 and 2024.
Michael Lunsford, interim CEO, Funko
Michael Lunsford resumed the role of interim CEO at Funko as its most recent CEO departed. His appointment follows Cynthia Williams’ exit, effective the same date. Funko Inc. owns brands including Funko, Loungefly and Mondo.
In a statement announcing the leadership change, Funko chairman Charles Denson thanked Williams “for her many accomplishments during her tenure.”
“We believe a change in leadership is necessary to deliver full shareholder value and believe Mike’s appointment positions us accordingly,” Denson said in the statement. “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.”
About Funko’s interim CEO
Lunsford has served on Funko’s board of directors since October 2018. He was interim CEO at Funko from July 2023 to May 2024. Prior to that, he was CEO of SK Planet, the U.S. ecommerce subsidiary of SK Telecom. He also held other leadership positions from 2008 to 2013 at RealNetworks, where he was also interim CEO. Additionally, he served as CEO at Rhapsody, EarthLink and Shopkick.
Lunsford holds an MBA and a bachelor’s degree in economics from the University of North Carolina.
In the statement announcing his return to the interim CEO position, Lunsford said he believes Funko has yet to achieve its full potential.
“We have an iconic brand, passionate fans, great licensing and retail partners, and a dedicated team of highly capable employees,” he said in the statement. “The recent changes to the global business environment have constrained our growth initiatives, and we intend to first address those challenges but always with an eye towards the long-term growth of the business. We will continue to focus on profitable growth and delighting our fans.”
Funko has traditionally been a wholesale, B2B company, global head of technology and digital Josh Smiley told Digital Commerce 360 in 2024. In recent years, it has focused on its direct-to-consumer (DTC) sales.
Funko began its DTC sales in 2017, Smiley had said. By summer 2024, he estimated about a quarter of the retailer’s sales came from DTC channels, trending toward continued growth.
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