The long-serving veteran of the toy company, Hasbro, Inc. (NASDAQ:HAS) Chairman Alfred Verrecchia is set to retire in May this year. Earlier this week, the company also announced that its serving chief executive Brian Goldner will be promoted to chairman of the board position.
Independent Chairman of the Board, Mr. Verrecchia has been a part of the industry giant, Hasbro, for nearly 50 years and served as chairman for almost seven years. Mr. Verrecchia is 72-year-old.
Jack M. Greenberg, Mr. Michael W.O. Garrett, Mr. John (Jack) M. Connors Jr. and Mr. Frank J. Biondi Jr. are amongst other board members set to retire in May at the company’s annual meeting.
Another worthy change in the top management is of Basil Anderson who is currently a member of the board serving as a non-management director at Hasbro. He is scheduled to take over the newly created position of lead independent director.
Mr. Anderson will assume the new position in May after the annual general meeting. The company is reported to have dubbed this appointment as a step forward to better corporate governance.
In recent times, the Rhode Island-based toy company, Hasbro, has seen successful, as it won the licensing bid for Walt Disney Co’s (NYSE:DIS) “Frozen” movie, which has been a hit at the box office. It was recently reported that Hasbro has presented Mattel, Inc (NASDAQ:MAT) with a challenge over its sale of the most iconic Barbie doll.
Hasbro also holds licenses to sell Marvel and Transformer toys, which have helped drive its earnings by 43% in the quarter ended September 2014.
Brian Goldner, who has been chosen to take the place of the 72 year old chairman, has been serving the toy making company since 2000. By the time he joined Hasbro, the company had gone through a job cut off in which the firm cut around 5000 jobs due to the decline in the shares in the stock market. However, two years later the company gradually improved its position in the stock market. It was in 2006 when Goldner was given a promotion to the position of the CEO of the company after which he managed to take the company to new heights and successfully carried out creating toys after the famous movie series called Transformers. His role as the company’s CEO elevated the company’s position to such an extent that the board of directors felt that he deserves the position of the chairman of the company.
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