Hasbro have defeated a boardroom challenge and seen all 13 of their directors re-elected at their annual shareholder meeting after an attempted boardroom coup led by investor Alta Fox, who proposed dramatic changes to the structure of the Hasbro boardroom.
“Hasbro’s board of directors would like to thank our shareholders for their continued support and engagement, as well as the invaluable views and perspectives they have shared with us over these last several months,” read a statement from Hasbro. “As the vote indicates, our highly skilled and recently refreshed board possesses experience and expertise directly relevant to overseeing Hasbro’s world class portfolio of assets across multiple play and entertainment categories.”
Alta Fox had called for shareholder support to encourage Hasbro to spin off its gaming division; a move it claimed would unlock shareholder value. However, Hasbro’s re-elected board remained steadfast in its belief that spinning off the gaming division was not necessary in order to realize shareholder value at the company.
The result will be seen as a victory for Hasbro CEO Chris Cocks, who became the company’s chief executive in January this year following the death of CEO Brian Goldner. Chris had previously served as president and COO of the Wizards of the Coast and Digital Gaming division.
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