PAWTUCKET, R.I. - Hasbro, Inc. (NASDAQ:HAS), a global leader in toys and games, announced the appointment of three new members to its Board of Directors. Frank Gibeau, Darin Harris, and Owen Mahoney joined the board effective last Tuesday, bringing with them a wealth of experience from the gaming and consumer brand sectors.
Frank Gibeau, currently the President of Zynga (NASDAQ:ZNGA), has over 30 years in interactive entertainment and played a pivotal role in Zynga's growth. His prior experience includes a lengthy tenure at Electronic Arts (NASDAQ:EA), where he held various leadership roles. Darin Harris, the CEO of Jack in the Box (NASDAQ:JACK) Inc. since 2020, brings expertise from his time leading multiple franchise operations, including Arby's Restaurant Group and Captain D's Seafood.
Owen Mahoney, who recently retired as President and CEO of Nexon Co. Ltd., has a background in corporate finance and strategic alliances, previously holding senior positions at Electronic Arts.
Rich Stoddart, Chair of Hasbro's Board of Directors, expressed enthusiasm for the new appointees, citing their diverse leadership experience and the unique perspectives they will contribute to the company's strategy and brand value enhancement.
In the same announcement, Hasbro revealed that Tracy Leinbach, Linda Zecher Higgins, and Michael Burns will retire from the Board at the 2024 Annual Meeting of Shareholders. CEO Chris Cocks acknowledged their significant contributions to Hasbro's direction. Additionally, Alan Hassenfeld will step down as Emeritus Chairman but will maintain a relationship with Hasbro, focusing on its charitable initiatives.
The board changes come as Hasbro continues to evolve its priorities, focusing on play and leveraging its strength in games. The company, renowned for brands like MAGIC: THE GATHERING, DUNGEONS & DRAGONS, and NERF, aims to connect generations of fans through storytelling and play.
This news comes from a recent press release statement by Hasbro, Inc.
InvestingPro Insights
As Hasbro, Inc. (NASDAQ:HAS) welcomes new board members to steer the company's strategic direction, the financial landscape presents a mixed picture according to InvestingPro data. The company's market capitalization stands at a robust $7.61 billion, but it grapples with a negative P/E ratio of -5.11, indicating investor concerns about profitability. Nonetheless, Hasbro's commitment to shareholder returns remains unshaken, with a notable dividend yield of 5.11%, a testament to its 44-year streak of consistent dividend payments, an InvestingPro Tip that highlights the company's dedication to its investors.
InvestingPro data also reveals a revenue decline of 14.57% over the last twelve months as of Q4 2023, aligning with analysts' expectations of a sales downturn in the current year, another InvestingPro Tip. Despite this, the company's gross profit margin remains strong at 48.37%, underscoring its ability to maintain profitability in core operations. Moreover, with the next earnings date slated for April 23, 2024, investors and analysts alike will be keenly watching how Hasbro's new leadership and strategic initiatives impact its financial performance.
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