Hasbro, which has been reeling from a series of economic and corporate shocks, plans to cut 15% of its global workforce this year, or about 1,000 positions. In addition to those reductions, the com…
, which has been reeling from a series of economic and corporate shocks, plans to cut 15% of its global workforce this year, or about 1,000 positions.
In addition to those reductions, the company plans to unveil “a new organizational model, commercial alignment, and leadership changes” during its quarterly earnings call on February 16. One preliminary exec move announced today was the departure of Eric Nyman as president and chief operating officer. The consumer products group Nyman used to oversee will now report directly to CEO Chris Cocks.
The staff reductions, which are slated to start in the coming weeks, along with ongoing systems and supply chain investments are intended to help the company hit its goal of $250 million to $300 million in annual run-rate cost savings by 2025. “We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability,” Cocks said. “While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.
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