- In alignment with goal of delivering $250M-$300M in annualized run-rate cost savings by year-end 2025 program's objectives, Hasbro ( NASDAQ: HAS ) is undertaking organizational changes that will result in the elimination of ~1,000 positions from its global workforce this year, or ~15% of global full-time employees.
- The changes will include a new organizational model, commercial alignment, and leadership changes that the company will discuss in more detail on its upcoming earnings conference call.
- The reductions will start to take effect within the next several weeks.
- As part of these organizational and commercial changes, Eric Nyman, president and chief operating officer, is departing Hasbro. At this time, the Consumer Products business will report directly to the CEO.
- With these actions, along with ongoing systems and supply chain investments, the company is on track to achieve its goal of $250-300M in annual run-rate cost savings by year-end 2025 to drive profitability and reinvestment in core brand growth.
- Shares of Hasbro dropped 7.49% after-hours on Thursday.
For further details see:
Hasbro COO Eric Nyman steps down; to eliminate 1,000 full-time positions in 2023