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Funko, Inc. (NASDAQ:FNKO) announced Monday that its Board of Directors has appointed Josh Simon as Chief Executive Officer and Class II director, effective September 1, 2025. Simon will succeed Michael Lunsford, who has been serving as Interim CEO and will remain on the Board after the transition. The appointment comes at a challenging time for Funko, which according to InvestingPro data, has seen its stock decline by over 70% in the past year, with shares currently trading at $2.72. The company’s market capitalization stands at approximately $150 million.
Simon, age 47, most recently served as Vice President of Global Consumer Products at Netflix, Inc. (NASDAQ:NFLX) from March 2020 to August 2025. At Netflix, Simon led the global consumer products division, including merchandise, live experiences, and the Roald Dahl Story Company. He also launched Netflix’s first e-commerce platform for consumer products and managed relationships with major retailers such as Walmart (NYSE:WMT) and Target (NYSE:TGT). Prior to Netflix, Simon held leadership roles at Nike (NYSE:NKE), Inc. and The Walt Disney Company (NYSE:DIS).
Funko entered into a three-year employment agreement with Simon on August 11, 2025. The agreement includes an annual base salary of $1,000,000, with an annual cash incentive opportunity at a target of 100% of base salary. Beginning in fiscal 2027, Simon will be eligible for an annual long-term incentive equity award with a target value of at least $2,500,000, subject to Board approval. The agreement also provides for up to $100,000 in relocation assistance. According to InvestingPro data, the company’s financial health score is currently rated as WEAK, with short-term obligations exceeding liquid assets. Detailed analysis of Funko’s financial position and future prospects is available in the comprehensive Pro Research Report, which provides actionable intelligence for informed investment decisions.
In connection with his appointment, Simon will receive sign-on equity awards effective September 1, 2025. These include a restricted stock unit award for 1,000,000 shares of Class A common stock, vesting in four equal annual installments, and an additional 750,000 restricted stock units. Of the inducement grant, one-third will vest over three years, one-third will vest upon the company’s stock reaching or exceeding $8.00 per share, and the remaining third will vest if the stock reaches or exceeds $20.00 per share, with all performance-based vesting subject to specific conditions and timelines.
If Simon’s employment is terminated without cause, for good reason, or due to non-renewal, he will be entitled to 24 months of base salary, up to 12 months of COBRA premium reimbursement, and accelerated or continued vesting of certain equity awards, subject to conditions outlined in the agreement.
This information is based on a press release statement and Funko’s filing with the Securities and Exchange Commission.
In other recent news, Funko Inc . reported its second-quarter 2025 earnings, revealing a significant shortfall in both earnings per share (EPS) and revenue compared to analyst projections. The company posted an EPS of $0.48, missing the forecasted $-0.32 by 250%. Revenue was reported at $193.5 million, falling short of the anticipated $203.21 million by 4.78%. Additionally, DA Davidson adjusted its price target for Funko to $5.00 from $7.00, maintaining a Buy rating despite the tariff impacts affecting the earnings. In a notable leadership change, Funko announced that Josh Simon, formerly Vice President of Consumer Products at Netflix, will assume the role of Chief Executive Officer starting September 1, 2025. Simon will also join Funko’s Board of Directors, bringing his experience from overseeing Netflix’s global merchandise business. These developments highlight the challenges and strategic shifts Funko is currently navigating.
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