Funrise Appoints King Cheng As Chief Executive Officer, Arnold Rubin To Become Chairman

News provided by

Mar 18, 2015, 07:10 ET

VAN NUYS, Calif., March 18, 2015 /PRNewswire/ -- Funrise, Inc. today announced that after more than 27 years with the company, Arnold E. Rubin has decided to step down as CEO. Mr. Rubin will become Chairman, and will continue to serve on the board of Matrix Holdings Limited (1005.HK), parent company of Funrise. King C. Cheng, currently Executive Vice President of the company, will succeed Mr. Rubin as Chief Executive Officer. Both appointments will be effective on May 1, 2015.

"After a half-century of active involvement in the toy industry, I have decided that now is the right time to hand over leadership of the company to the next generation," said Mr. Rubin. "Funrise has come a long way since I founded the company back in 1987 and I am especially proud of the growth we have achieved over the past few years. We are a company on the rise, with a portfolio of powerhouse brands and a great track record of innovation. Having worked closely with King since he began his career in the industry, I know he has the right combination of dynamic leadership and strategic vision to bring Funrise to the next level."

"It is a tremendous honor to succeed Arnie as CEO," said Mr. Cheng. "This is a very exciting time at the company. We have an incredibly talented team here at Funrise who all share a strong commitment to driving the business forward with creative passion and ingenuity."

Speaking on behalf of the Matrix Holdings Board of Directors, Executive Director Eric H.T. Leung said, "We congratulate King on his appointment as CEO and have every confidence that he will provide the decisive leadership necessary to further develop the Funrise business in a rapidly evolving competitive marketplace. The Board also wishes to thank Arnie for his many years of loyal and dedicated service to the company and our stakeholders at large."

King Cheng joined the Matrix Group in 2009 and became Executive Vice President at Funrise in 2013, with responsibility for the company's global supply chain and international operations. He is also a Director of Matrix Holdings Limited. Previously, Mr. Cheng was Vice President International and Director Corporate Development with Matrix in Hong Kong. He is a graduate of Franklin & Marshall College.

Arnold Rubin has been active in the toy industry for over 50 years. In 1969, he co-founded Imperial Toy and served as its President before establishing Funrise in 1987. Mr. Rubin served as Chairman of the Toy Industry Association from 2004 to 2006, and the Toy Industry Foundation from 2006 to 2008. Subsequently, Mr. Rubin was elected President of the International Council of Toy Industries, and is also a member of ICTI CARE Foundation Governance Board. In recognition of his significant contributions to the growth and success of the toy industry, Mr. Rubin was inducted into the Toy Industry Hall of Fame in 2012.

About Funrise

Founded in 1987, Funrise is an adventurous innovator of superior toys and an industry leader in the manufacturing and distribution of the most popular children's products. Simply put...we create fun! Funrise is the manufacturer of leading licensed power brands such as TONKA®, MY LITTLE PONY®, BABY ALIVE®, POUND PUPPIES®, LITTLEST PET SHOP®, and the core property portfolio includes Gazillion® Bubbles, Shelcore's line of pre-school toys and more, making our product offerings diverse and full of fun for kids of all ages. Funrise, Inc. is a wholly-owned subsidiary of Matrix Holdings Limited. Funrise U.S. headquarters are located in Van Nuys, CA, with additional offices and showrooms in Dallas, Minneapolis, Bentonville, Hong Kong, Australia, and the United Kingdom. For more information, visit www.funrise.com.

Logo - http://photos.prnewswire.com/prnh/20150318/182979LOGO

SOURCE Funrise, Inc.