Analyst Note| Jaime M. Katz, CFA |
After about three months with interim CEO Rich Stoddart at the helm, Hasbro’s board of directors has named Chris Cocks as permanent CEO (with Stoddart staying on as chairman of the board). Cocks has been with the narrow-moat company since 2016, acting as president and COO of its Wizards of the Coast segment (includes Magic: The Gathering, Dungeons & Dragons, and Duel Masters). Notably, under his leadership, sales for this business have more than doubled (to above $1 billion in 2021), and now represent a high-teen percentage of Hasbro’s total sales. Given the continued importance of gaming and entertainment, and Cocks’ technology bent (previously at wide-moat Microsoft), we suspect he has the background to help elevate the late prior CEO Brian Goldner’s Brand Blueprint to its next metamorphosis. Cocks’ replacement at Wizards has yet to be announced.