EVERETT, Wash., April 16, 2019 (GLOBE NEWSWIRE) -- Funko, Inc. ("Funko," or the "Company") (Nasdaq:FNKO), a leading pop culture consumer products company, announced today that Russell Nickel, the Company's Chief Financial Officer since 2013, intends to leave the Company at the end of 2019. Mr. Nickel has agreed to continue to serve as Chief Financial Officer of Funko while the Company conducts a search for his successor, and will remain with Funko through the end of the year to ensure an orderly transition.
"My five and a half years at Funko have been incredible, and I am proud to have been a part of the amazing growth and evolution of the Company," said Nickel. "During this time, I have had the opportunity to be a part of many significant and challenging strategic initiatives, helping to drive Funko's sales from $42 million in 2013 to $686 million in 2018. I believe this is the right time to move on to new opportunities and look forward to continuing to work with the Company as it recruits the best successor to lead an incredibly talented and capable finance team."
"On behalf of our entire management team, I want to thank Russell for all that he's done for Funko. He has been an instrumental part of our ability to grow this business, and I'm excited for what the future holds for him," said Brian Mariotti, Funko's Chief Executive Officer. "Russell's leadership has left us in a solid financial position. Our balance sheet is strong, our quarterly results have exceeded expectations in every quarter since our IPO, and we look forward to this strong momentum continuing. As we previously announced, we expect our results in 2019 to show very strong growth, driven by a promising slate of new entertainment content and our strong stable of evergreen properties, and we remain excited about Funko's near and long term prospects."
"It has been a pleasure to work with Russell over the past three and a half years," said Ken Brotman, Chairman of the Funko Board of Directors and Founder/Managing Partner of ACON Investments. "He has been an integral part of this very special management team, and I look forward to seeing where he applies his considerable skills in the future."
Mr. Nickel joined Funko in October 2013 as Chief Financial Officer and is responsible for Funko's financial planning and strategy, including tax, treasury, accounting, financial services, and investor relations. He oversaw the sale of Funko to ACON in 2015, four acquisitions by the Company, its IPO in November 2017 and the refinancing of its credit facilities in November 2018.
The Company expects to launch a comprehensive search for a successor CFO. Mr. Nickel plans to remain with the Company through the end of the year to help ensure an efficient and seamless transition.
Headquartered in Everett, Washington, Funko is a leading pop culture consumer products company. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, action toys, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at https://funko.com/, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding our anticipated financial results, the underlying trends in our business, growing demand for our products, our potential for growth, Mr. Nickel's transition from the CFO role and our search for a new CFO. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: risks related to management transitions; our ability to maintain and realize the full value of our license agreements; the ongoing level of popularity of our products with consumers; changes in the retail industry and markets for our consumer products; our ability to maintain our relationships with retail customers and distributors; our ability to compete effectively; fluctuations in our gross margin; our dependence on content development and creation by third parties; our ability to develop and introduce products in a timely and cost-effective manner; our ability to obtain, maintain and protect our intellectual property rights or those of our licensors; potential violations of the intellectual property rights of others; risks associated with counterfeit versions of our products; our ability to attract and retain qualified employees and maintain our corporate culture; risks associated with our international operations; changes in U.S. tax law; foreign currency exchange rate exposure; the possibility or existence of global and regional economic downturns; our dependence on vendors and outsourcers; risks relating to government regulation; risks relating to litigation, including products liability claims and securities class action litigation; any failure to successfully integrate or realize the anticipated benefits of acquisitions or investments; reputational risk resulting from our e-commerce business and social media presence; risks relating to our indebtedness and our ability to secure additional financing; the potential for our electronic data to be compromised; the influence of our significant stockholder, ACON, and the possibility that ACON's interests may conflict with the interests of our other stockholders; risks relating to our organizational structure; volatility in the price of our Class A common stock; and the potential that we will fail to establish and maintain effective internal control over financial reporting. These and other important factors discussed under the caption "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2018 and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Sean McGowan, Liolios
Jessica Piha, Funko
Source: Funko, Inc.