Hasbro CFO Thomas to retire after 24 years with toy company

HASBRO CHIEF Financial Officer Deborah Thomas, who has been with the toy company for 24 years, announced Thursday she will retire. Thomas has held various positions of responsibility with Hasbro since 1998 and was appointed CFO in 2009. / PBN FILE PHOTO

PAWTUCKET – Hasbro Inc. Chief Financial Officer Deborah Thomas announced Thursday she is retiring after 24 years with the toy company.

“Since joining Hasbro, I’ve had the opportunity to work with amazing people, on the some of the world’s most iconic brands, successfully growing Hasbro into the global leader it is today,” Thomas said. “I know Hasbro is in the best of hands with a clear strategy to drive accelerated growth and profit over the years to come.”

Thomas has held various positions of responsibility with Hasbro since joining the company in 1998. She was appointed CFO in 2009.

Thomas will stay with Hasbro until her successor is in place, according to a news release. The company said it was looking both internally and externally to fill her role.

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Hasbro representatives on Thursday did not immediately respond to requests for comment.

“In her 24 years at Hasbro, Deb has been instrumental in transitioning Hasbro from a toy and game company to a global branded entertainment leader,” said Hasbro CEO Chris Cocks. “Deb has been a tremendous leader and colleague, including as an invaluable resource and adviser to me during my transition into the CEO role. The entire Hasbro team and I wish her and her family the very best in retirement.”

Thomas’ departure comes about nine months after Cocks took over as CEO, following the death of longtime leader Brian Goldner.

In 2015, Jeff Barkan, senior vice president, business planning and analysis/corporate controller, identified Thomas as an integral contributor to two “seismic changes” initiated by Hasbro. Those changes – evolving from a pure toy and game manufacturer to a global brand builder and experiencing significant growth outside the United States – transformed the company.

“Thomas was key in evaluating strategic alliances, acquisitions and investments, such as Hasbro Studios … that develop, produce and distribute TV shows based on Hasbro’s world-class products,” said Barkan, in his nomination of Thomas for a 2015 award she received from Providence Business News for being one of the area’s top chief financial officers.

Barkan then credited Thomas with initiating processes and systems to support Hasbro’s significant growth in overseas revenue: In 2009, 36% of Hasbro’s revenue was international, in 2014, it had reached 47%. Overall, revenue grew as well: In 2009, when Thomas’ tenure as CFO began, net revenue was $4.1 billion. In 2014 the total was $4.3 billion. Thomas has been a vocal advocate for investing in business controls needed to ensure compliance with international rules, regulations and ethical finance practices, while streamlining workflow and improving efficiencies, Barkan added.

Hasbro last month reported a $129.2 million profit, or 93 cents per share, in the third quarter, down 49% from the same period last year. Stripping out one-time costs and amortization costs, earnings were $1.42 per share, well short of the $1.53 Wall Street had expected, according to a survey by Zacks Investment Research.

Revenue for the toymaker fell to $1.68 billion, down 15% from last year’s third quarter, and Hasbro said the strong dollar knocked 3% off of quarterly revenue, or almost $54 million.

The company was also hit by a 26% decline in revenue from film and TV when compared with last year at this time, which benefited from the streaming release of the films “Come from Away” and “Finch.”

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