Funko President Andrew Perlmutter resigned from his position on Monday.
Perlmutter’s last day will be on March 31. He will continue to serve as a member of the company’s board of directors, according to a document filed with the U.S. Securities and Exchange Commission.
Perlmutter has worked as the company’s president since December 2022. Prior to that time he was Funko’s chief executive officer for one year, and was previously the president of Funko and FAH. Perlmutter first joined Funko as senior vice president of sales in 2013.
The company did not immediately respond to Retail Dive’s inquiry regarding the circumstances around Perlmutter’s resignation.
In its latest quarter, Funko net sales fell 14.4% year over year to $312.9 million, and the company reported a $15 million loss compared to net income of $9.6 million in the year ago quarter.
The company last August announced that it would lay off 180 employees, or 12% of its workforce. Funko at the time said that the job cuts were a result of it rationalizing its product lines to focus more on the products and businesses that were the most successful.
Last year, the toy company made headlines for destroying between $30 million and $36 million worth of inventory after surplus stocks strained its fulfillment network and increased operating costs.
Prior to his time with Funko, Perlmutter was co-founder of board and travel game company Bottle Rocket Collective.
