Management Turnover as Change Agent

Monday, February 11, 2008

Happy Story - CEO of Hasbro Plans to Resign While on Top

Hasbro HAS (NYSE) CEO, Al Verrecchia, who has been with the firm for forty three years has decided to step down as CEO while still on top. This type of story does not happen often lately, so I decided to make note. Verrecchia will become chairman. He will be replaced by Brian Goldner, the current COO. The changes will take place May 22, the date of the company's annual shareholder meeting. Verrecchia's announcement comes with the news that the company's profits rose 24 percent. Hasbro's sales climbed 16 percent to $1.3 billion. Even better than the numbers, Hasbro managed to avoid the huge lead-paint fiasco (recall) that plagued its competitor Mattel, Inc. for the last number of months.

It's good to see some positive news.

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