Brian Goldner - currently president and CEO of Hasbro - has been appointed as chairman of the board.
Goldner (pictured) will take over from Al Verrecchia when he retires in May following 50 years of service at the firm.
"I am truly honoured to be appointed chairman of the board at Hasbro and to have the opportunity to further lead the evolution of this tremendous company," commented Goldner. "The strength of our brands and the quality of our people around the world is undeniable and there remains enormous potential in both.
"I am confident that together with the leadership of the board and our global Hasbro team, we will continue creating the world's best play experiences and drive enhanced total returns for our shareholders."
Verrecchia - who will retire at the Annual Shareholder Meeting on May 21st, 2015 - added: "Since joining Hasbro in 2000 and becoming CEO in 2008, Brian has exhibited tremendous leadership and vision in setting a path for Hasbro."
Four additional Hasbro board members will also retire and not stand for election at the annual meeting. On top of this, Basil Anderson has been named in the newly created role of lead independent director.