Hasbro enters holiday season with CEO on health leave

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Hasbro of a corporation

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This week’s sudden change in leadership puts the toy company in the hands of a lieutenant, allowing them to navigate sales strategy and supply chain challenges during the break of the year.

Board game makers Nerf Blaster and Monopoly said late Sunday that CEO Brian Goldner, 58, has taken sick leave. Goldner, who has been CEO since 2008, was diagnosed with prostate cancer in 2014 and received additional treatment last year. He maintained his enforcement duties throughout his treatment, including mainly working in remote areas during pandemics.

“At this point, we need to spend some time focusing on our health,” Goldner wrote to staff on Sunday.

The company has been appointed as interim chief Rich Stoddart, a longtime board member and former CEO of advertising giant Leo Burnett Worldwide. In addition to marketing chops, Stoddart, 58, is InnerWorking Inc., which runs marketing campaigns. I have experience in supply chain since the time I was running. He and Goldner were also college friends and attended Dartmouth College as undergraduates in the early 1980s.

“I couldn’t have asked for any more stewards, and I’m sure you’ll enjoy working with them,” Goldner wrote.

2018 Hasbro CEO Brian Goldner.

Photo:
Presley Ann / Getty Images

Hasbro is now looking forward to the holiday season. The holiday season is when the toy industry typically records about half of its annual retail sales. Most of the planning and preparation for major sales seasons is already done, and retailer toy orders for online and in-store sales are fulfilled.

This year, supply chain challenges were added as a slowdown in port construction and bottlenecks delayed shipments of toys. To ensure adequate products, Hasbro ships from more ports in Asia to more locations in the United States.

“I believe we have all the products, even if we want a few more products in a particular category, but there will be holiday products as well,” Goldner said at an industry event last month.

Hasbro recently added new personnel to its leadership team, such as Chief Commercial Officer Michael Hogg and Chief Operating Officer Eric Niemann, who are overseen by the execution of vacation plans.

Jeffries Group analyst Stephanie Wisink said her view of Hasbro’s outlook for next year remains unchanged from the leadership change. In his research notes, Goldner’s decision to take medical leave “is a sign of his unwavering commitment to staying healthy and the courage to do so without compromising daily life. Represents market speculation associated with Hasbro or his business in health.” . “

Satellite images show the size of the backlog at a port in California, as ongoing supply chain issues threaten the holiday shopping season. WSJ’s Jennifer Smith explains the reasons for the ship and cargo stoppage. Photo: Planet Labs Inc.

Goldner joined Hasbro from another toy company, Bandai America, in 2000 and became CEO in 2008.

Goldner has shifted its focus primarily from manufacturing toys to building brands through stories and entertainment, and has helped increase sales of Hasbro’s proprietary and licensed products to date. This includes greater incentives for filmmaking, leading to a $4 billion acquisition of Entertainment One, which produces TV shows and movies, and also owns children’s brands such as Peppa Pig, in 2019.

Hasbro recently released a new My Little Pony movie on Netflixhandjob

Other brands such as Dungeons & Dragons and Transformers also have movies in the works.

This strategy is influencing the strategies of other toy companies, including Mattel. Ltd.,

Under CEO Yvonne Craze, he creates brands like Barbie and Hot Wheels in movies and streaming TV shows.

write to Paul Ziobro at [email protected] Paul Ziobro

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Hasbro has movies in the works for other brands such as Dungeons & Dragons and Transformers. Earlier versions of this article mistakenly listed it as Dungeons & Dragons. (corrected October 11)

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Hasbro enters holiday season with CEO on health leave

Source Link Hasbro enters holiday season with CEO on health leave

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