Alan Hassenfeld became the toy industry's newest billionaire after shares of Monopoly maker Hasbro closed at a record high on Wednesday.
The former chief executive officer has a 6 per cent stake in the toy company that also sells Furby dolls and the My Little Pony brand, giving him a net worth the Bloomberg Billionaires Index values at $US1 billion ($1.34 billion).
Hassenfeld, 68, didn't immediately respond to a request for comment on his fortune.
Related Content
Hasbro's decision to stick by Monopoly and other traditional games is paying off while digital gaming is also providing a revenue boost, helping to push the company's shares up 34 per cent this year.
Sales have been rising for seven straight quarters, led by a 43 per cent increase in Hasbro's games division, driven by digital gaming and new releases such as Speak Out and Toilet Trouble. Those gains offset a decline in Star Wars and Marvel products, which are in a lull because new movies for those franchises won't come out till later this year.
Hasbro's total gaming category, which includes Monopoly, grew 10 per cent in the first quarter. Its larger competitor by revenue, Mattel, posted a first-quarter loss and a 13 per cent slide for Barbie dolls, its biggest property.
Hassenfeld is the grandson of one of the founders of the Rhode Island/US-based company and took the reins of the business in 1989 after his older brother Stephen died. He stepped down as CEO in 2003 and remains a board member.
Bloomberg
0 comments
New User? Sign up