Reuters repotr that Hasbro Inc. have announced that Chairman Alan Hassenfeld will retire at the end of the year but stay on as the non-employee chairman of the board.Hassenfeld, 56, has been with Hasbro -- the maker of G.I. Joe action figures, Mr. Potato Head and the Easy-Bake oven -- for 35 years. The company was founded in 1923 by brothers Henry and Helal Hassenfeld and originally sold textile remnants, but moved into manufacturing pencil boxes and school supplies. By 1940, it was selling toys.
In 1970, Alan Hassenfeld joined Hasbro as a special assistant to the president after graduating from university. He worked his way up the ranks of the company started by his grandfather, was named president in 1984 and became chairman and chief executive in 1989.
Hassenfeld stepped down as CEO in 2003, and was replaced by Alfred Verrecchia.
During the three-year chairmanship period, Hassenfeld will receive a retainer of $300,000 per year and will be eligible to receive board meeting fees, equity grants and other benefits, according to documents filed with the Securities and Exchange Commission.
As of Dec. 31, 2005 Hassenfeld will be eligible to begin receiving a retirement pension benefit of $814,500 per year until he reaches the age of 65. Thereafter, the annual pension benefit will be $796,800, the company said in a filing.
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