Hasbro's New CEO Provides a Clue for Future Growth
Recently, Chris Cocks took the helm as Hasbro's (NASDAQ:HAS) CEO after its former head tragically died in late 2021. Cocks will have his work cut out for him: The stock for the toy and entertainment company has been essentially flat over the past five years. But his background suggests a possible move toward a more lucrative direction.
Hasbro is arguably most known for its toys and legacy tabletop games like Clue, Connect Four, and Monopoly. However, its new-age gaming division, Wizards of the Coast, best known for publishing fantasy and science fiction trading cards and tabletop games like Magic: The Gathering and Dungeons and Dragons, has become its growth driver. Cocks has been President and COO of Wizards of the Coast for the past five years, helping revenue from that division double to more than $1 billion, and played an integral part in building out its lucrative digital gaming division. For comparison, Hasbro's total revenue only grew about 28% in the same time period, from $5.02 billion in 2016 to $6.42 billion in 2021.
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Source Fool.com
