What the bad jobs report means for markets
Funko, Inc. (NASDAQ:FNKO) announced a leadership transition Monday, stating that Cynthia Williams has stepped down from her roles as Chief Executive Officer and member of the Board of Directors, effective Saturday. The announcement comes as the company’s stock has declined nearly 65% over the past six months, according to InvestingPro data. The company’s Board of Directors has appointed Michael Lunsford as Interim Chief Executive Officer, according to a press release statement based on a filing with the Securities and Exchange Commission.
Williams’ departure from the CEO position and the Board was effective July 5. She will receive severance benefits as outlined in her employment agreement dated May 20, 2024. Details of those benefits were not disclosed in the filing.
Lunsford, age 58, remains a director of the company. His biographical information is available in Funko’s definitive proxy statement filed with the SEC on April 30, 2025. The company stated it intends to file an amendment with additional information regarding any material compensation arrangements for Lunsford, if determined, within four business days after such details become available.
Funko’s Class A common stock is listed on The Nasdaq Stock Market under the symbol FNKO. The information in this article is based on a press release statement and the company’s SEC filing.
In other recent news, Funko Inc . reported its first-quarter financial results for 2025, showing a significant earnings miss with an EPS of -$0.33, compared to the forecasted -$0.11. Despite the earnings shortfall, the company’s revenue of $190.7 million met expectations, demonstrating stable sales amidst challenging conditions. Funko has appointed Michael Lunsford as Interim CEO following Cynthia Williams’ departure, with a focus on accelerating organic growth and exploring strategic options. Texas Capital Securities initiated a Buy rating on Funko, setting a price target of $8.00, citing potential growth opportunities and effective tariff mitigation strategies. Meanwhile, Goldman Sachs upgraded Funko’s stock from Sell to Neutral but lowered the price target to $5.50, acknowledging the company’s proactive risk management efforts. DA Davidson also adjusted its price target for Funko to $7.00, maintaining a Buy rating, as the company showed an earnings beat due to higher margins and effective expense control. Funko’s strategic initiatives, including workforce reduction and supply chain diversification, aim to improve cost efficiency and address tariff challenges. The company has withdrawn its full-year 2025 outlook due to tariff uncertainties but remains focused on mitigating $45 million in incremental tariff costs.
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