The Hasbro Board of Directors has been re-elected, defeating the effort by Alta Fox Capital Management to shake up its roster, Hasbro announced today, pending final ratification of the election results. After making a splash as it urged Hasbro to spin off Wizards of the Coast in February (see “Hedge Fund Urging Hasbro to Spin Off WotC”), Alta Fox proposed five of its directors for the board, then cut that to three (see “Funds Urge Compromise”), and finally to one, who was defeated in the shareholder vote announced today.
Although Alta Fox was able to pick up some support for its efforts, the win of the existing board slate was by “a substantial margin,” according to the company. “As the vote indicates, our highly skilled and recently refreshed Board possesses experience and expertise directly relevant to overseeing Hasbro’s world class portfolio of assets across multiple play and entertainment categories,” the company said in a statement accompanying the announcement. “Our directors will be instrumental to [current Hasbro CEO, former WotC president] Chris [Cocks] as he undertakes a strategic review of the business and outlines our go-forward strategy to position Hasbro for long-term success and delivery of shareholder value.”