Gina Goetter Takes On The CFO Role At Hasbro – C-Suite Transitions

The appointment of a new CEO at a company often results in a shakeup of the management team and we are seeing this play out Hasbro (HAS) with the appointment of a new CFO and a new President as discussed below. We also often see new insiders purchase stock in what I call a “signal purchase” where they are attempting to signal their confidence in the company to the market.

In some strange situations, there is actually a stipulation in the employment agreement that the insider is required to buy a certain amount of stock in order to get a grant of additional shares. We saw this when William Ready was appointed as the CEO of Pinterest (PINS) last year and purchased $5 million worth of stock.

What is however unusual is for the company to tout the appointment of the CEO in a promoted tweet as we saw with Hasbro and to see a “signal insider purchase”. The stock didn’t quite live up to the expectations set in that tweet and is down nearly 41% over the last year.

The silver lining for the company right now is the performance of its Dungeons & Dragons movie starring Chris Pine and Michelle Rodriguez that was released on March 31, 2023 and has already managed to pick up $159 million in box office receipts.

Welcome to edition 37 of C-Suite Transitions, a weekly series on InsideArbitrage that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.

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