PAWTUCKET, R.I. -- May 13, 2003 -- Hasbro, Inc. Chairman Alan G. Hassenfeld announced today that the Company's Board of Directors has approved the promotion of Alfred J. Verrecchia to the position of Chief Executive Officer, effective following the Company's Annual Meeting of Shareholders tomorrow. Mr. Verrecchia, 60, served as the Company's President and Chief Operating Officer prior to today's announcement.
Mr. Hassenfeld, 54, retains the role of Chairman of the Board where he will provide leadership to the Company's Board of Directors, including responsibility for increasingly complex and time-consuming corporate governance issues. In addition, he will use his toy and game industry expertise to help with the overall creative process led by the toy and game teams.
"Today's announcement separating the roles of Chairman and Chief Executive Officer reflects the fact that the corporate governance and social responsibility issues impacting all corporations today are more important than ever before," said Mr. Hassenfeld. "The separation of these two positions proactively addresses the current corporate environment and is in the best interests of Hasbro and our shareholders."
As the Company's C.E.O., Mr. Verrecchia will now have overall responsibility for setting the Company's strategic direction and for making the day-to-day decisions related to running Hasbro.
"We are fortunate that we have an individual on board who can assume the role and responsibilities of C.E.O.," continued Mr. Hassenfeld. "I have worked very closely with Al Verrecchia for many years, and his integrity, business acumen, successful track record and expertise relating to Hasbro and the issues affecting our industry make him the ideal choice to take on the role of C.E.O. Al's skills and experience will serve Hasbro well in the coming years, and I am especially pleased that this move happens at a time when the Company has returned to profitability and a position of strength."
"I am honored by this promotion, and I will continue doing what I know best - working hard to make Hasbro the best toy and game company in the world," said Mr. Verrecchia. "I am pleased that Alan and our Board of Directors have demonstrated their confidence in my abilities as I take on the challenge and day-to-day responsibilities of C.E.O., while Alan directs his focus as Chairman on a range of important initiatives, especially corporate governance issues," continued Mr. Verrecchia.
"I am enormously proud of my long-term business and personal relationship with Alan, and the thousands of loyal and dedicated employees with whom I have had the good fortune of working with over the years. Going forward, we will remain focused on leveraging Hasbro's unmatched portfolio of core brands as we look to increase shareholder value in the years to come," Mr. Verrecchia said.
Mr. Verrecchia joined Hasbro in 1965 as a junior accountant. Since that time, he has climbed the ranks and served in a variety of key senior executive positions, most recently as the Company's President and Chief Operating Officer. Over the years, Mr. Verrecchia has also served as Hasbro's Executive Vice President, Global Operations; Chief Financial Officer; and President, Hasbro Manufacturing Services.
"I have worked with two generations of Hassenfeld's during my 38 years at Hasbro. I am honored to have the opportunity to carry on the 80-year tradition of this great Company," Mr. Verrecchia concluded.
Hasbro is a worldwide leader in children's and family leisure time entertainment products and services, including the design, manufacture and marketing of games and toys ranging from traditional to high-tech. Both internationally and in the U.S., its PLAYSKOOL, TONKA, MILTON BRADLEY, PARKER BROTHERS, TIGER, and WIZARDS OF THE COAST brands and products provide the highest quality and most recognizable play experiences in the world.
