Business
Independent Proxy Advisor Glass Lewis Recommends Shareholders Vote FOR ALL of Hasbro’s Director Nominees
Shareholders Urged to Vote FOR ALL of Hasbro’s Highly Qualified Directors on the WHITE Proxy Card Glass Lewis determines that “the caliber of Hasbro's recent
About this update from Hasbro, Inc.
[{"type":"text","content":"\nShareholders Urged to Vote FOR ALL of Hasbro’s Highly Qualified Directors on the WHITE Proxy Card\n\nGlass Lewis determines that “the caliber of Hasbro's recent director appointments is unmatched on the Dissident's slate”\n\n PAWTUCKET, R.I.--(BUSINESS WIRE)--\nHasbro, Inc. (NASDAQ: HAS) (“Hasbro” or the “Company”), a global play and entertainment company, today announced that in its report issued May 27, 2022 independent proxy advisory firm Glass, Lewis & Co. (“Glass Lewis”) has recommended that Hasbro’s shareholders vote on the WHITE proxy card FOR ALL of Hasbro’s Director Nominees in connection with the Company’s 2022 Annual Shareholders Meeting, to be held on June 8, 2022.\n\nIn its report, Glass Lewis argued that Hasbro provided a compelling defense and that Alta Fox failed to make a sufficient case for change:\n\n\n“Alta Fox has failed to make a sufficient case for change, we also believe Alta Fox's nominees lack relevant experience for Hasbro's business model and strategy.”\n\n\n“In light of the new additions to the board and management team, with eight of the top nine Hasbro executives changing recently, including the CEO, we believe the Company has undergone the right amount of change at this time. Thus, rather than pushing for more and, in our view, the wrong change on Alta Fox's slate, we believe shareholders are better off supporting the incumbent board's full slate of directors, which balances institutional knowledge with fresh perspectives and better aligns with Hasbro's business model, strategy and forward trajectory.”\n\n\n“[B]ased on our review and analysis, we believe the Hasbro board and management team have provided a compelling defense of the Company's brand blueprint strategy, the eOne acquisition and its rejection of the Dissident's spin-off proposal, all of which amounts to a convincing rebuke of Alta Fox's central thesis, in our view.”\n\n\nGlass Lewis also acknowledged the success of Hasbro’s Brand Blueprint strategy, as evidenced by the Company’s long-term total shareholder returns (TSR):\n\n\n“Hasbro's TSR since the introduction of the brand blueprint strategy has been particularly strong on an absolute basis, while also exceeding Mattel's TSR by a wide margin and outperforming the median TSR of our peer group during that period.”\n\n\n“[W]e consider Hasbro's strong long-term TSR since the introduct...