Funko has appointed Netflix’s former consumer products VP Josh Simon (pictured) to serve as the toyco’s new CEO.

Simon will replace interim CEO Mike Lunsford on September 1. The company says he will leverage his experience in consumer products and location-based entertainment to position Funko back to growth. He joins as the collectibles manufacturer has struggled to adapt to market conditions in recent years, with annual net sales steadily declining from US$1.3 billion in 2022 to US$1.1 billion in 2023 and US$1.05 billion in 2024. 

The company is best known for its iconic core vinyl Pop! range of figures, which has a famously passionate collector fanbase, and also owns an accessories and backpack manufacturer in Loungefly. 

During his five-year tenure at Netflix, Simon developed consumer products programs for several of the streamer’s major titles, including Stranger Things, Squid Game and Bridgerton. He was also responsible for building out Netflix’s experiences business, which spans 40 different in-person activations that have collectively traveled to 300 cities around the world, such as Stranger Things: The Experience, Squid Game Virtuals and multiple Netflix House entertainment centers.

This is the third new CEO that Funko has named in three consecutive years, following the appointments of former Wizards of the Coast president Cynthia Williams last year and the collectibles company’s former president Andrew Perlmutter in 2023. Similar to Williams, Simon will start with an annual base salary of US$1 million and will be eligible for performance-based bonuses of 100% this figure. 

Funko has hundreds of licenses in its portfolio to leverage for new ranges of collectibles, including its top performers One Piece, Pokémon, Marvel, Hello Kitty, Star Wars and Dragon Ball Z.