Chief Financial Officer
plans to retire as soon as a successor is found, a move that comes as the toy and entertainment company looks to further build out its digital-media business.
Ms. Thomas, who has been at Hasbro for 24 years, including 13 years as CFO, will also serve as an adviser to the company during a transition period, the company said Wednesday.
The Pawtucket, R.I.-based company said it would look at internal and external candidates for the next finance chief.
The announcement comes about nine months after
took over as chief executive, following the death of longtime leader
Mr. Cocks, who previously served as the head of Hasbro’s Wizards of the Coast and digital-gaming division, is focused on expanding its audience of older consumers who are fans of games like Dungeons & Dragons and collect retro toys like G.I. Joe.
Ms. Thomas’s successor will likely need a background in digital media, internet or videogame businesses to excel in the role, said Andrew Uerkwitz, a managing director at financial services firm
Jefferies Financial Group Inc.
“The new CFO will have to have a very good handle on transitioning a traditional toy company over to more of a digital-media company,” Mr. Uerkwitz said.
The company last month reported its revenue for the quarter ended Sept. 25 fell 15% to $1.68 billion from the prior-year period, largely due to a decline in North American sales. Its net income dropped 49% to $129.2 million. Hasbro said it had to boost its promotional activity in the latest quarter amid a buildup in inventory this year, which contributed to the fall in profit.
Hasbro didn’t immediately respond to a request for comment.
Write to Mark Maurer at Mark.Maurer@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8