PAWTUCKET – Alan G. Hassenfeld, the former longtime chairman and CEO of Hasbro Inc. – the global toymaker his family founded more than a century ago – who later turned his attention to helping children around the world, died in his sleep in London. Hassenfeld was 76.
Hasbro officials and several elected and business leaders on Wednesday have confirmed Hassenfeld’s death. In a statement to Providence Business News, Hasbro CEO Chris Cocks said the company is mourning the “profound loss” of Hassenfeld, a “beloved former chairman and CEO, mentor and dear friend.”
Cocks said Hassenfeld’s heart was and will remain the company’s “guiding force” in being compassionate, imaginative and dedicated to bring smiles to children’s faces.
“His tireless advocacy for philanthropy, children's welfare, and the toy industry created a legacy that will inspire us always,” Cocks said. “While we grieve deeply, we also celebrate Alan's remarkable life and the incredible impact he made.”
Hassenfeld’s death marks an end of an era for both Hasbro and the state as a whole. Born in 1948, Hassenfeld grew into becoming one of the state’s most prominent businessmen, eventually taking over as the leader of the publicly traded family toymaking business – previously known as Hassenfeld Brothers – that gained notoriety for creating "Mr. Potato Head" and "G.I. Joe," among other brands.
As previously reported by PBN, Hassenfeld joined Hasbro in 1970 as a special assistant to the president following his graduation from the University of Pennsylvania. He worked his way up the ranks of the business that his grandfather started in 1923, including stints in marketing and sales. He was one of the key architects of Hasbro’s international operations and spent extensive time traveling overseas.
Hassenfeld was named president of the company in 1984 and became chairman and chief executive officer in 1989. He stepped down as CEO in 2003, giving the day-to-day responsibilities of running the company to Alfred Verrecchia, who led Hasbro until 2008 when Brian Goldner – who died in 2021 assumed the role of company CEO.
Hassenfeld learned about philanthropy as a child, over the family dining table. Like his late father, Merrill, he declined to give to endowments. He said
back in 2016 he wants his money to go to work now, as a catalyst and “living philanthropy.” He has said, “We create the future; we don’t walk into it.”
Last year, Hassenfeld stepped down as Hasbro's emeritus chairman following the shareholder meeting. He was the last Hassenfeld family member to serve on the company's board.
Hassenfeld’s philanthropic work was noteworthy through the Providence-based Family Foundation he oversaw. In 2017, when Hurricane Maria devastated Puerto Rico, the foundation oversaw multiple humanitarian aid efforts to help the island recover. The second effort, called “Operation Potato Head by CG,” saw Hassenfeld team up with Spanish TV journalist Natalia Denegri to bring water, food, medical supplies and health care professionals to help the residents.
In the 2023 fiscal year 900 form – the most-recent data publicly available – the Hassenfeld Family Foundation had $70.2 million in assets and awarded $10 million in grants. Foundation representatives did not immediately respond to PBN’s request for comment.
In
a 2020 Q&A with PBN, Hassenfeld when asked about the state of Rhode Island at the time when the COVID-19 pandemic was ravaging the world, said that education is one of the most important things for the state of Rhode Island in its recovery from the health crisis.
“I think we have to really make sure the curriculum that comes out of the junior colleges and the tech schools is the proper curriculum for the new jobs that are going to be out there,” he said. “It all starts with education … if you give people education or a skill to a job, they will be meaningfully employed.”
Hassenfeld’s namesake has gone well beyond the toy maker. The
Child Health Innovation Institute at Brown University, the Institute for Public Leadership at Bryant University and the Family Foundation all bear Hassenfeld’s name. He also provided funding for the establishment of Hasbro Children’s Hospital, adjacent to Rhode Island Hospital and part of Brown University Health.
Tributes to Hassenfeld from local leaders began pouring in Wednesday afternoon. Gov. Daniel J. McKee in a statement described Hassenfeld as a “pillar” of the Rhode Island communities known for both his leadership at Hasbro and living a “life defined by generosity.”
“Through his deep commitment to philanthropy, Alan championed causes that improved the lives of so many children and families across our state,” McKee said. “His legacy will live on for generations to come.”
House Speaker K. Joseph Shekarchi, D-Warwick, recalled in a statement how Hassenfeld “boldly thwarted” a takeover of the toymaker in the 1990s. It led Hasbro to preserving hundreds of jobs here in Rhode Island, Shekarchi said.
U.S. Rep. Gabe Amo, D-R.I., a Pawtucket native, said in a statement Hassenfeld embodied Hasbro’s “spirit of joy” and brough a “pioneering approach to his leadership and saw the best in everyone.” The Greater Providence Chamber of Commerce in a statement said the now-late Hasbro leader embodied the very best of corporate citizenship, using his platform to champion children’s causes, global human rights and community well-being with “unmatched generosity and heart.”
“Alan believed in the power of business to do good – and he lived that belief every day,” the Chamber said.
Brown President Christina H. Paxson said in a statement to PBN Hassenfeld’s counsel as a university trustee was “invaluable” and provided instrumental support for Brown’s teaching and research. His dedication to making a positive difference in children’s lives long stood out to Paxson, she said, and it was “a pleasure to work with him for years.”
Hassenfeld’s death also comes at a time when it is uncertain if Hasbro, which has
gone through several companywide layoffs over the last couple of years, will keep its global headquarters in Rhode Island. First reported by the Boston Business Journal in October 2024, citing unnamed real estate sources, the toymaker is considering commercial space in Boston’s Seaport District.
In November, the I-195 Redevelopment District Commission offered a key 1-acre plot on the west side of the Providence River to Hasbro for $1 to persuade the Pawtucket-based toymaker from relocating to Massachusetts. Pawtucket also made a bid to Hasbro to take over a 20-acre parcel that includes the former Apex building, which Mayor Donald R. Grebien called a “bold and comprehensive” proposal to relocate to a site with direct pedestrian access to the new Centreville Bank Stadium entertainment district.
Abby Hodes, Hasbro’s vice president of corporate external communications, told PBN back in April the company was “making progress on determining our [headquarters]” and that “clarity” would be coming this summer.
(UPDATED throughout with minor edits and comments from Hasbro Inc. CEO Chris Cocks, Gov. Daniel J. McKee, House Speaker K. Joseph Shekarchi, U.S. Rep. Gabe Amo, Brown University President Christina H. Paxson and the Greater Providence Chamber of Commerce.)
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on X at @James_Bessette.
