Ex-Wizards of the Coast President Joins Funko as CEO

Cynthia Williams joins Funko as its new CEO.

By Christian Hoffer

Cynthia Williams, the former president of Wizards of the Coast, will join Funko as its CEO later this month. Funko made the announcement during its first quarter earnings report yesterday that it would bring in Williams to run the company, ending a nearly year-long search for a replacement for former CEO Brian Mariotti. Williams will start on May 20th and replaces interim CEO Michael Lunsford. Williams will also be given a seat on Funko's board of directors as part of her new role. 

Hasbro announced that Williams was leaving Wizards of the Coast last month, ending a two-month stint as the head of the highly profitable maker of Dungeons & Dragons and Magic: The Gathering. While Williams' time as Wizards' president featured record-breaking sales, it also included a near-constant stream of controversies, including an attempt to revoke the Open Gaming License that served as a legal framework for making third-party Dungeons & Dragons, as well as Pinkerton agents going to a Magic: The Gathering fan's house to collect product that had been released ahead of its sales date. Prior to her role at Wizards of the Coast, Williams worked for Microsoft in its Xbox division. 

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In a statement announcing her new role, Williams mentioned her experience with various big brands. "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 has faced mounting losses and declining sales in recent months, with the company losing over $150 million in 2023. Sales have continued to decline into 2024, with the company reporting $215.7 million sales in Q1 2024, down from $251.9 million in Q1 2023 or a decrease of 14.4% for the quarter. In an earnings call, interim CEO Lunsford blamed the decrease on the actors' and writers' strikes in Hollywood, which led to a decrease in entertainment content. Funko has cut several parts of its business as a result, including the shuttering of its Funko Games studio. 

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