Hasbro Board of Directors Issues Letter to Shareholders

Rhea-AI Summary

Hasbro, Inc. (NASDAQ: HAS) announced an Investor Day on October 4, 2022, where CEO Chris Cocks will outline a strategic plan focusing on refining the company's long-term strategy. The strategy includes prioritizing fewer, larger opportunities, enhancing their brand portfolio, and emphasizing consumer engagement, particularly in gaming and multi-generational play. The company acknowledges feedback from shareholders regarding returns and investments, aiming for meaningful changes to bolster shareholder value.

Positive

• New CEO Chris Cocks focuses on refining Hasbro's long-term strategy.
• The strategic plan aims to enhance shareholder value by prioritizing fewer and larger opportunities.
• Emphasis on consumer engagement in games and entertainment could drive growth.

Negative

• No specific financial metrics or projections provided regarding expected outcomes of the new strategy.

Announces Investor Day on October 4, 2022 to Outline New CEO Chris Cocks’s Strategic Plan

PAWTUCKET, R.I.--(BUSINESS WIRE)-- Hasbro, Inc. (NASDAQ: HAS), a global play and entertainment company, today issued a letter to shareholders following its 2022 Annual Meeting of Shareholders. The full text of the letter is below, which can also be found, at www.HasbroGamePlan.com.

June 16, 2022

Dear Fellow Shareholder:

Following our 2022 Annual Meeting of Shareholders, on behalf of the entire Board and management team, we want to thank you for your investment, continued support, extensive engagement and constructive feedback. We have heard your perspectives, including around shareholder returns, how we make investments in the business and our ongoing approach to Board refreshment.

While we are excited about and confident in Hasbro’s future, we also know we have important work ahead of us. With the Board’s support, our CEO, Chris Cocks, is moving forward with the refinement of Hasbro’s long-term strategy, which includes actions to drive meaningful change by focusing on fewer, bigger opportunities, profitably growing our world-class portfolio of brands and amplifying our industry-leading gaming portfolio. As Chris has emphasized, critical to this change will be putting the consumer at the center of everything we do, with a spotlight on games, multi-generational play and entertainment and creating direct relationships with our fans.

As the Board works with Chris on this plan, we will actively incorporate the feedback we have received over this past proxy season to help him shape the future of Hasbro and enhance the value we deliver to our shareholders. We will continue engaging with you to solicit feedback, and you can look forward to Chris and the management team outlining our path ahead at our Investor Day on October 4, 2022.

Thank you again for your support of the Hasbro Board of Directors at our 2022 Annual Meeting. We look forward to a continued dialogue, which will be critical to our sustained success.

Sincerely,

Your Hasbro Board of Directors

About Hasbro

Hasbro (NASDAQ: HAS) is a global play and entertainment company committed to making the world a better place for all children, fans and families. Hasbro delivers immersive brand experiences for global audiences through consumer products, including toys and games; entertainment through eOne, its independent studio; and gaming, led by the team at Wizards of the Coast, an award-winning developer of tabletop and digital games best known for fantasy franchises MAGIC: THE GATHERING and DUNGEONS & DRAGONS.

The company’s unparalleled portfolio of approximately 1,500 brands includes MAGIC: THE GATHERING, NERF, MY LITTLE PONY, TRANSFORMERS, PLAY-DOH, MONOPOLY, BABY ALIVE, DUNGEONS & DRAGONS, POWER RANGERS, PEPPA PIG and PJ MASKS, as well as premier partner brands. For the past decade, Hasbro has been consistently recognized for its corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media and one of the World’s Most Ethical Companies by Ethisphere Institute. Important business and brand updates are routinely shared on our Investor Relations website, Newsroom and social channels (@Hasbro on Twitter, Instagram, Facebook and LinkedIn.)
© 2022 Hasbro, Inc. All Rights Reserved.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be accompanied by such words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “target,” “will” and other words and terms of similar meaning. Among other things, these forward-looking statements may include statements concerning: our ability to drive change and achieve our financial and business plans, goals and objectives, including achieving long-term sustainable profitable growth and long-term value for shareholders. Specific factors that might cause such a difference include those risks detailed from time to time in Hasbro’s filings with the SEC. The statements contained herein are based on Hasbro’s current beliefs and expectations and speak only as of the date of this communication. Except as may be required by law, Hasbro does not undertake any obligation to make any revisions to the forward-looking statements contained in this communication or to update them to reflect events or circumstances occurring after the date of this communication. You should not place undue reliance on forward-looking statements.

HAS-IR
HAS-C

View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005539/en/

Investors: Debbie Hancock | Hasbro, Inc. | (401) 727-5401 | debbie.hancock@hasbro.com

Media: Carrie Ratner | Hasbro, Inc. | (401) 556-2720 | carrie.ratner@hasbro.com

Source: Hasbro, Inc.

FAQ

What is the date of Hasbro's Investor Day?

Hasbro's Investor Day is scheduled for October 4, 2022.

Who is the new CEO of Hasbro?

The new CEO of Hasbro is Chris Cocks.

What key strategies will Chris Cocks outline during the Investor Day?

Chris Cocks will outline strategies focusing on refining Hasbro's long-term strategy, prioritizing fewer opportunities, and enhancing consumer engagement.

How does Hasbro plan to increase shareholder value?

Hasbro plans to increase shareholder value by focusing on larger opportunities and improving engagement with consumers.