Friedman founded Jakks Pacific in January 1995. He served as chairman and CEO until March of this year. Prior to Jakks, he led LJN Toys until its sale to MCA in 1985, and then went on to set up video games firm THQ in 1989.
Jakks' CEO Stephen Berman said: "Jack was a legendary toymaker and a real titan in our industry. He dedicated his talents to Jakks Pacific for 15 years, and he will be sorely missed. On behalf of all Jakks employees, we send our sincere condolences to his wife Karen and his children for their loss."
In addition, the Jakks board of directors issued a statement that said: "We are greatly saddened by the passing of Jack Friedman. He was a visionary leader who guided the company with wisdom and keen judgment. Toys were his passion, and his legacy will live on in Jakks Pacific. We extend our sympathies to his family."