Hasbro announced on Thursday that its president and CEO, Brian Goldner, will become chairman of the board effective May 21.
He will replace Al Verrecchia, who is retiring after 50 years with the firm.
"I am truly honored to be appointed chairman of Hasbro and to have the opportunity to further lead the evolution of this tremendous company," Goldner said, in statement.
Hasbro is the second major toy company to report a leadership change in the last two weeks. Brian Stockton resigned as chairman and CEO of Mattel on Jan. 26. Stockton's departure came after fourth-quarter earnings fell short of analyst expectations.