PAWTUCKET – Hasbro Inc. CEO Chris Cocks was compensated more than $9.4 million in 2022 despite the company reporting a loss for the year, the Rhode-Island based toy maker reported in its proxy statement released on April 3.
Cocks, who was named company CEO in January 2022, earned a base salary of $1.3 million in his first full year in the position. He garnered $7.9 million in stock and options, and $312,000 in other compensation, to push his 2022 year-end total 250% more than he received in 2021.
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His 2022 compensation was also 110 times more than the $86,000 median pay of Hasbro employees.
Cocks succeeded Brian Goldner, who died in October 2021 after battling prostate cancer. Goldner earned $16.7 million in total compensation in 2020.
It was a tough 2022 for Hasbro. The company posted a $203.5 million profit for the year, a 53% decline in net earnings from 2021.
Revenue totaled $5.86 billion for 2022, down 9% from the $6.4 billion in revenue reported a year earlier.
Earnings per diluted share for the year were $1.46 per share, compared with $3.10 one year prior.
The company reported a fourth-quarter earnings loss of $128.9 million after posting a net income of $82.2 million in the fourth quarter of 2021. Revenue for the quarter was $1.68 billion, a 17% decrease year over year.
On Jan. 26, Hasbro announced that it was eliminating 1,000 jobs, about 15% of its global workforce. A “small percentage” of those layoffs will occur in Rhode Island, Hasbro said.
At the same time, it was announced that Eric Nyman, Hasbro president and chief operating officer, was leaving the company.
Hasbro unveiled Blueprint 2.0 on Oct. 4 when it cut its full-year revenue forecast. The initiative focused investment on its most valuable franchises across toys, games, entertainment and licensing. The toy company plans to significantly increase strategic investment in key brands, focusing on gaming, direct to consumer, franchise brands and licensing. Priority brands for merchandise investment include Peppa Pig, Transformers, Dungeons & Dragons, Magic: The Gathering, and My Little Pony.
On Nov. 17, Hasbro announced it was selling part of its film and TV production and distribution unit, Entertainment One.
Hasbro bought Entertainment One for about $4 billion in 2019 to expand into the infant and preschool market by gaining access to popular TV shows such as “Peppa Pig” and “PJ Masks.”
In June 2022, Hasbro shareholders reelected all of the company’s 13 directors to its board, rejecting a slate of three nominees from activist investor Alta Fox Capital Management, which had waged a contentious, monthslong proxy battle for more influence over the company.
Looks like Hasbro should change its name to HasBeen. Too bad. It was a RI icon.
I could save them money on their raw materials but they will not even talk to me