HRM 587 Week 2 Course Project; Funko s Leadership Change Analysis

Funko Has a New CEO! Nicole Hannum Keller Devry University Managing Organizational Change HRM587 Dr. Duncan Introduction Description of the Company Funko is the leading global pop culture lifestyle brand that sells licensed vinyl figures, micro-collectables, clothing and fashion accessories, and action figures (Funko, Inc., 2025). They have multiple product lines, which include Pop!, Bitty Pop!, Pop! Yourself, and other brands including Mondo and Loungfly. The company was founded in 1998, and its headquarters is in Everett, Washington. They currently have over 1,100 employees and numerous retail locations, operations, and licensed partnerships around the globe (Funko, Inc., 2025). Change in the Company Details of the Change Recently, Funko announced the name of their new CEO, Josh Simon, in August 2025. This came as a shock to some because the former CEO, Cynthia Williams, had only been with the company for 14 months. Williams was appointed CEO in May 2024 and came from a background in consumer products, gaming, and the e-commerce industry with over 20 years of senior leadership at Hasbro, Microsoft, and Amazon. When she was hired, the chairman of Funko’s nominating and corporate governance committee, Jesse Jacobs, stated, “We are confident Cynthia has the experience, leadership capabilities, and strategic vision to guide Funko into the future” (Funko, Inc., 2024). A year later, the company’s stock had fallen more than 50% with a net loss of $27.6 million in the first Quarter, and the company stated that a change in leadership was “necessary to deliver full shareholder value” (“Funko replaces CEO after one year amid losses, falling sales,” 2025). Funko also stated that the new chief executive would need to accelerate their “organic growth and explore all financial and strategic options for the business” (Barden, 2025). The board quickly appointed Mike Lunsford as interim CEO, who served until Josh Simon officially took over on September 1st. This sudden and deeper change affects the entire company at all levels. The new CEO will have new goals, objectives, and targets. There may even be a radical shift in thinking and behavior, which could change the company's mission, vision, and/or values (Palmer,2021). From the press releases by Funko, it sounds as though they are trying to go back to their roots by hiring the new CEO and bringing the “fun” back to the company (Funko replaces CEO after one year amid losses, falling sales,” 2025). Images of Change Management Six Images of Change There are two main approaches to managing change: controlling and shaping change. The controlling approach is seen in the image of Director, Caretaker, and Navigator (Mishra, 2021). And in the shaping approach to manage change, we have Coaching, Nurturing, and Interpreting. There are three different outcomes for each approach: intended, unintended, and partially intended. Each outcome fits each of the six different images of change management. Controlling Approach The first image is of the Director. The director controls change in a top-down manner and leads the organization toward its intended goals and objectives (Mishra, 2021). He/she also provide resources