News

Hasbro to Lay Off 15% of Workforce in 2023

Hasbro announced on Thursday it is planning a 15% reduction of its global workforce. The company will cut approximately 1,000 positions this year, beginning in the next several weeks.

The company also stated that it will announce “a new organizational model, commercial alignment, and leadership changes” during its quarterly earnings call on February 16. The company is expecting a 17% loss year-over-year to US$1.68 billion in its fourth quarter earnings report. According to ICv2, major contributing factors to the losses include US$300 million in charges for changes to entertainment and business plans, US$21 million in charges in relation to its sale of part of its eOne TV and film business, and US$78 million in charges associated with the layoffs.

Hasbro also announced that its president and COO Eric Nyman is leaving the company. Hasbro appointed Nyman as president and COO in February 2022.

Hasbro appointed Chris Cocks as its new CEO and as a board member for the company effective February 2022. Rich Stoddart was acting as Hasbro's interim CEO after previous Chairman and CEO Brian Goldner passed away in October 2021. Goldner joined Hasbro in 2000 and became its CEO in 2008.

Prior to Nyman's appointment, Hasbro's president and COO John Frascotti retired from the position in March 2021, but stayed on as a special adviser to the CEO until April 1, 2022.

Hasbro acquired Power Rangers and several other brands from Saban Properties in 2018.

Sources: Hasbro, Deadline (Dade Hayes), ICv2 (Milton Griepp)