Hasbro won the battle against activist investor Alta Fox Management, re-electing all 13 directors at the 2022 Annual General Meeting of Shareholders on Wednesday.
“Hasbro’s board of directors would like to thank our shareholders for their continued support and involvement, as well as the invaluable insights they have shared over the past few months. “As the vote showed, our highly qualified and recently updated board has the experience and expertise directly related to overseeing Hasbro’s world-class asset portfolio across many categories of gaming and entertainment,” the gaming giant said in a statement.
Alta Fox failed to get shareholders to back its call for Hasbro to open its gaming division to create shareholder value. Hasbro’s return board reiterated that the dismantling of the toy division was not necessary to reveal the value of the shares to the toy maker.
Taking into account the challenge of Alta Fox’s puppet battle is the victory of new Hasbro CEO Chris Cox, who noted that the toy maker is becoming a toy force. The activist shareholder expressed his frustration with the results of the annual meeting’s vote in his statement, adding that Alta Fox “will remain an involved shareholder”.
“We thank our fellow shareholders for their participation and support during this year’s election campaign. “After five straight years of failure and even longer periods of questionable corporate governance than the S&P 500, Alta Fox believed that an objective change in the board was necessary when a new CEO took over,” added Alta Fox.
Following the death of CEO Brian Goldner, Cox became the company’s CEO after serving as President of Wizards of the Coast and Digital Games Division and Chief Operating Officer.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
