Hasbro Adds Gaming-Industry Veterans to Board at It Faces Proxy Fight
(Bloomberg) -- Hasbro Inc. added two industry veterans to its board as the company looks to expand its digital-gaming business while fending off a proxy fight.
Elizabeth Hamren, chief operating officer of Discord Inc. and a former executive with Microsoft Corp.'s Xbox operations, and Blake Jorgensen, executive vice president of special projects for Electronic Arts Inc., joined the Hasbro board on April 1, the company said Monday in a statement. They bring significant management experience and expertise in strategic areas like digital gaming, technology, brand development and capital allocation, the company said.
New Chief Executive Officer Chris Cocks wants to increase consumer engagement for Hasbro brands, like he did while running the company's fast-growing Wizards of the Coast playing card and digital-gaming unit. Meanwhile, investor Alta Fox Capital Management has urged the company to spin off the business and has also nominated five directors to the board.
Read more: Hasbro activist is a gamer with gripes
“While we will share the full scope of our ambitions at an investors day this fall, the fundamental gameplan we used at Wizards will be the roadmap we follow for the rest of Hasbro,” Cocks said in a letter to shareholders that was also released Monday.
Hasbro shares were little changed at 10:08 a.m. New York time. The stock had fallen 17% this year through Friday's close.
Alta Fox's founder and managing partner, Connor Haley, said expanding Hasbro's board seems to be a “defensive and reactionary” move.
“The Board's desire to continue operating Hasbro like a family business is a flashing red light for change and an obvious indicator that shareholder-appointed directors are needed,” Haley said in a statement.
©2022 Bloomberg L.P.
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