Inductees are nominated by the industry at large and selected by Toy Industry Association members and Hall of Famers.
The induction ceremony will take place during the 11th Annual Toy of the Year (TOTY) Awards on Saturday, 12th February, marking the start of the American International Toy Fair in New York.
Verrecchia began his career in the toy industry in 1965 as a staff accountant at Hasbro, working his way up to CEO in 2003.
During his tenure as CEO, Verrecchia was one of the prime architects in building and executing a strategy focused on aggressively leveraging the company's portfolio of brands in a wide range of categories beyond traditional toys and games.
Prior to his tenure as CEO, he held a range of senior executive positions at Hasbro, including chief financial officer and president, Hasbro Manufacturing Services, among others. He assumed the position of chairman in 2008.
In addition to his positions at Hasbro, Verrecchia has also held several leadership roles in the toy industry. He served as vice chairman of the TIA's board of directors beginning in 2006 and then took on additional responsibilities as chairman in 2008 and 2009.
He was also chair of both the finance committee and the budget committee, and served on the investment and audit committee. He is also a co-founding member of the International Council of Toy Industries' CEO Roundtable.
"Al Verrecchia has helped to revolutionise the toy industry over the past 45 years and the TIA is honoured to welcome him to the Toy Industry Hall of Fame," said Carter Keithley, TIA president.