As Stock Lags, Hasbro Urges Shareholders to Await Transformation

With play and entertainment company Hasbro’s stock down almost 15% so far this year, company officials are urging patience for their shareholders ahead of a 2022 Annual Meeting June 8 that will include a vote for the board of directors.

Shareholders can vote for their preferred board members by internet, phone or mail, according to a Monday (May 31) letter from company leaders.

“With our newly appointed CEO, Chris Cocks, we are charting Hasbro’s next chapter of growth and success,” Hasbro wrote. “Chris, together with Liz Hamren and Blake Jorgensen — each of whom have joined the board in the last couple of months — bring depth of expertise, talent and informed points of view about our business. They have been change agents with a track record of delivering value. Their new perspective, combined with the depth of experience of our other board members, provide the right combination of skills and experience, and also stability and context, to position Hasbro to deliver long-term value and returns for our shareholders.”

Hasbro leadership promised “disciplined capital allocation, strong corporate governance and advising and supporting Chris as he conducts his full assessment of our business and implements his vision for Hasbro and the company’s future strategies, with the fundamental goal of delivering strong shareholder returns” in its letter eight days before the board vote.

Among the nominees touted by activist investor Alta Fox is Marcelo Fisher, who Hasbro characterized in its letter to shareholders as a “spinoff specialist” who would disrupt the company from its “go-forward strategy” and advocate for selling all or part of the company.

Alta Fox is pushing to oust three members of Hasbro’s board, including the chairman, in the June 8 vote. In its previous letter to shareholders May 9, Hasbro officials called for shareholders to support moving forward with its slate of candidates, including Hamren and Jorgensen.

Read more: Hasbro Board Fights Alta Fox’s Efforts to Oust Directors in Shareholder Vote

Alta Fox, meanwhile, continues to work with other investors to vote against reelecting the company’s chairman and two other board members at its annual shareholders’ meeting. Alta is the biggest shareholder in Hasbro, with a 2.5% stake.

See more: Activist Fund Alta Fox Campaigns to Oust Hasbro Chairman