By Gary Symons
TLL Editor in Chief
Global play and entertainment giant Hasbro has named Chris Cocks, the President and COO of its Wizards of the Coast division, as the new CEO for the parent company.
In doing so, Hasbro clearly saw the logic of choosing someone with a track record of generating revenues, as Wizards has been the fastest growing segment at Hasbro for years. Cocks has been CEO at Wizards of the Coast since 2016, and since then revenues have more than doubled, surpassing $1 billion in 2021.
But Cocks will also have some big and very respected shoes to fill. The CEO spot came open in October last year when Hasbro’s long-time CEO, the visionary Brian Goldner, passed away after a long battle with cancer. Board member Richard Stoddart has been filling in since then, but with the appointment of Cocks, Stoddart will step sideways as the new Chair of the Hasbro Board, effective Feb. 25.
Prior to Goldner’s death last year, Hasbro had embarked on a wide-ranging strategic shift that transformed the company from primarily a toy maker to a true entertainment and play conglomerate.
Goldner was the architect of what Hasbro now calls a “strategic Brand Blueprint” to create the world’s best play and storytelling experiences. Goldner was among the visionaries in the industry who saw that storytelling was an essential part of creating toys and games that people care about. As a result, he completely restructured the company so that production of TV series, films, and live experiences became an integral part of Hasbro’s operations.
“Through his tireless work ethic and unwavering focus, he expanded the Company beyond toys and games into television, movies, digital gaming and beyond, to ensure Hasbro’s iconic brands reached every consumer,” the company said in a statement.
In February this year, Goldner and his team also completed a wholesale restructuring of Hasbro, streamlining the company into three reporting segments. Goldner said the company would now be divided into the categories of Consumer Products, including toys and games; Wizards of the Coast (Wizards) and Digital Gaming; and Entertainment. (Read TLL’s in-depth special report on the Hasbro restructuring through the link below)
“The integrated and assembled value of consumer products, Wizards and digital gaming, and entertainment is how we unlock the next level of return for our business and for our stakeholders,” said Brian Goldner, Hasbro’s chairman and chief executive officer. “We have simplified our structure to maximize our growth and provide a clearer view to the drivers of Hasbro revenues, profit, margin, and cash generation.
“Our Brand Blueprint thrives as we create value from these three areas of our business,” Goldner added. “We are building scale behind them to drive more profitable revenue and meet the needs of our consumers and audiences with innovation and creativity for a modern era.”
This week, current Hasbro chair Tracy Leinbach said Cocks was chosen because he was seen as the best person to realize the vision that has been driving Hasbro’s transformative change.
“Chris’s appointment marks the culmination of an extensive and thoughtful candidate review and selection process led by the Board,” said Leinbach. “In Chris, we have chosen a leader uniquely positioned to execute and evolve Hasbro’s Brand Blueprint strategy while continuing to generate growth and deliver strong shareholder returns. Chris’s extensive omni-channel experience and proven track record make him the ideal leader for Hasbro as it continues to become the world’s leading play and entertainment company.”
Stoddart, who will give up the CEO seat to Cocks in February, said his experience working with Hasbro’s ‘Chief Wizard’ made the choice a clear one.
“Having known Chris for years and working more closely with him these last several months, I have no doubt that he will be an extraordinary leader for the next phase of Hasbro’s journey,” Stoddart said. “A storyteller and gamer at heart, Chris innately understands how to create and nurture brands to drive fan and consumer connection across channels. He is a highly strategic leader, with the vision, skills and experience to unlock our Brand Blueprint for supercharged growth.”
Cocks brings a definite cool factor to the CEO’s office, as he’s worked on some of the world’s most popular gaming franchises. As the head visionary at Wizards of the Coast, Cocks lit a fire under already popular franchises Magic: The Gathering, Dungeons & Dragons, and Duel Masters.
But prior to that time he also worked with Microsoft on hit video games like Halo and Fable, both of which are legends in the video game industry. Cocks says he now looks forward to his biggest challenge yet.
“Hasbro has amazing brands, gifted storytellers and unique entertainment assets, and I am humbled to step into the position of CEO at this important time and to build on the strong foundation Brian created,” Cocks said. “Our consumer products, gaming and entertainment teams are the best and most creative in the business and have shown such incredible resilience. I look forward to working with our highly-experienced senior management team as we continue to reimagine play and entertainment and deliver experiences to families and fans, of all ages, around the world.”
The company expects to name a new president for Wizards of the Coast in the coming weeks, and has already appointed a new President and COO, Eric Hyman, to work alongside Cocks. Nyman will oversee global business, operational and foundational platform investments; continue to lead Hasbro’s overall consumer licensing strategy and strategic partnerships; and oversee Hasbro’s global supply chain, directing the strategy for a next-generation consumer direct distribution platform.
Nyman is a Hasbro veteran, and as Stoddart said, he knows the company inside out.
“Eric has been a valued member of the Hasbro team for more than 18 years, inspiring our people, and driving consumer-focused innovation across our iconic brand portfolio,” Stoddart said. “The Company will benefit from his vast knowledge, creativity and leadership as he takes on this new, expanded role on our senior management team.”
Nyman joined Hasbro in 2003 and currently serves as Chief Consumer Officer and Chief Operating Officer of Hasbro Consumer Products. I
n this role, he leads the Hasbro Consumer Products business unit, including oversight for operations and partner relationships, Hasbro’s licensed consumer products business and Hasbro Pulse, the Company’s direct-to-consumer platform. He previously served in a number of senior roles, including President of Hasbro North America and General Manager and Senior Vice President of Marketing.