Hasbro's Former CEO Just Became a BillionaireBy
Founder’s grandson wins big as shares hit record on 34% rise
Board game maker also behind Furby and My Little Pony brands
Alan Hassenfeld became the toy industry’s newest billionaire after shares of Monopoly maker Hasbro Inc. closed at a record Wednesday.
The former chief executive officer has a 6 percent stake in the toy company that also sells Furby dolls and the My Little Pony brand, giving him a net worth the Bloomberg Billionaires Index values at $1 billion. Hassenfeld, 68, didn’t immediately respond to a request for comment on his fortune.
Hasbro’s decision to stick by Monopoly and other traditional games is paying off while digital gaming is also providing a revenue boost, helping to push shares up 34 percent this year. Hasbro’s total gaming category, which includes Monopoly, grew 10 percent in the first quarter. Its larger competitor by revenue, Mattel Inc., posted a first-quarter loss and a 13 percent slide for its biggest property: Barbie.
Hassenfeld is the grandson of one of the founders of the Pawtucket, Rhode Island-based company and took the reins of the business in 1989 after his older brother Stephen died. He stepped down as CEO in 2003 and remains a board member.