Williams will take over on May 20; Lunsford will remain in his role until then. Williams will also take a seat on the Funko Board of Directors as of that date.
Williams told Hasbro last month that she was leaving, and departed on April 26, 2024 (see “Wizards of the Coast President Resigns”). Williams ran Wizards of the Coast for a little over two years; she took over on February 25, 2022 from Microsoft, where she had been General Manager & Vice President of the Gaming Ecosystem Commercial Team. Her tenure at Hasbro was marked by record sales and controversy, most notably with the botched handling of revisions to WotC’s Open Gaming License for Dungeons & Dragons (see “WotC Folds”). Regardless, she now has experience and a successful sales history with geek brands and collectibles, which (along with her Pacific Northwest base) made her a desirable candidate for the Funko role.
Funko nominating committee and corporate governance committee chairman and The Chernin Group co-founder (Chernin owns around 25% of Funko’s stock) explained the company’s rationale in a statement accompanying the announcement. “Cynthia has served in a variety of senior leadership roles with some of the largest and most well-respected companies in the world,” he said. “She has a deep understanding of pop culture, entertainment and fandoms, with a proven background in building consumer brands, developing worldwide strategies and driving global growth. We are confident Cynthia has the experience, leadership capabilities and strategic vision to guide Funko into the future.”
Williams also mentioned her experience in her statement. “My extensive experience with the devoted fans of Dungeons & Dragons, Magic: The Gathering, and Xbox will be highly beneficial in developing products that continue to appeal to Funko’s passionate fans, both core fans and collectors,” she said.
Funko reported a $23.7 million loss in its first quarter report, released in conjunction with the announcement (see “Funko Cuts Loss to $23.7 Million”).
