Toy manufacturer Hasbro has appointed Chris Cocks as new CEO and Eric Nyman as new COO. Both will take up their new roles from 25 February.
Roleplaying games
Cocks currently heads the American toy company’s digital and roleplaying games division, which grew significantly under his leadership. He will replace interim CEO Rich Stoddart, who took up the post after the unexpected death of chief executive Brian Goldner in October.
At the same time, Hasbro has also promoted Eric Nyman to company president and COO, Retail Dive reports. Nyman is currently chief consumer officer and COO of Hasbro’s consumer products segment. He will succeed John Frascotti, who retired last year.
Disruption
Cocks becomes CEO at a time when the toy manufacturer is going through an immense evolution. The pandemic was a blessing for the toy industry, as a whole because many other activities could not take place. As a result, the demand for toys increased spectacularly, but manufacturers could not always meet the demand due to the worldwide supply crisis.
Hasbro itself estimates the loss of income due to non-fulfilled orders in the third quarter at about 90 million euros. Operating profit in the consumer products segment fell by 7 % due to logistical issues and high shipping costs. Nevertheless, the group’s total sales increased by 11 % and operating profit by 9 %, thanks to higher profits elsewhere in the company, including in the entertainment segment.
