Ushering in a new era of leadership, collectibles giant Funko has hired former Wizards of the Coast president Cynthia Williams as CEO.

The news was announced as part of the company’s Q1 earnings report yesterday. Williams officially starts on May 20, and she’ll leverage the experience she’s had overseeing divisions at Hasbro, Microsoft and Amazon to steer Funko back towards growth and profitability. 

In full transparency (which is rarer in the toy industry than a 1979 Rocket Firing Boba Fett action figure in its original packaging), Funko has revealed that Williams will start with an annual base salary of US$1 million and be eligible for performance-based bonuses of up to 200% of this figure.

Williams replaces interim leader Michael Lunsford, who will continue to serve on Funko’s board of directors. And in connection with her appointment, former president and CEO Andrew Perlmutter resigned from his role as a class II board director earlier this week. 

As for its Q1 results, Lunsford says Funko performed as expected during what is typically a slower quarter of the year. The company’s global net sales for the period totaled US$215.7 million, a 14.4% drop from last year’s US$251 million. Its Loungefly apparel brands took the biggest hit, with Q1 sales dropping by 20.6%, but core collectibles were also down by double digits (14.6%). 

Looking ahead at the rest of the year, Funko forecasts that it will do US$1.1 billion in annual net sales, with Q2 expected to contribute US$240 million. This full-year projection is on par with 2023.