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[Updated!] Hasbro Laying Off 1,100 Employees
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<blockquote data-quote="Myrdin Potter" data-source="post: 9224059" data-attributes="member: 6843593"><p>In the case of Chris Cocks, he led WoTC through many, many boom years and increased staffing during that time. His boss, the CEO of Hasbro then, was the one running the rest of the company. He died unexpectedly and Cocks was promoted to the over all CEO role. Unfortunately, it was the former CEO (and CFO) that spearheaded the strategy to go into entertainment like eOne and tied the company so strongly to Disney properties.</p><p></p><p>Cocks then had to deal with it when the pandemic ended. The former CFO is now gone and a new one just joined. The proxy that everyone is taking the pay data from is new CEO and a year out of date. WoTC barely got touched as a percentage by the layoffs.</p><p></p><p>But, sure, parrot that it is all Cock’s fault. </p><p></p><p>I actually applaud him and the new CFO for taking more decisive action. Yes, it was not the decisions of the people that got let go (for the most part), but the staffing up that lead to them being hired in hindsight was a bad move as well and something had to be done.</p><p></p><p>It usually takes quite a while to find a new job the higher up you are if you are let go and lots of positions (like CFO) are vulnerable if the CEO changes so they have severance baked into their contracts. That “golden parachute” is often not as golden as it appears.</p></blockquote><p></p>
[QUOTE="Myrdin Potter, post: 9224059, member: 6843593"] In the case of Chris Cocks, he led WoTC through many, many boom years and increased staffing during that time. His boss, the CEO of Hasbro then, was the one running the rest of the company. He died unexpectedly and Cocks was promoted to the over all CEO role. Unfortunately, it was the former CEO (and CFO) that spearheaded the strategy to go into entertainment like eOne and tied the company so strongly to Disney properties. Cocks then had to deal with it when the pandemic ended. The former CFO is now gone and a new one just joined. The proxy that everyone is taking the pay data from is new CEO and a year out of date. WoTC barely got touched as a percentage by the layoffs. But, sure, parrot that it is all Cock’s fault. I actually applaud him and the new CFO for taking more decisive action. Yes, it was not the decisions of the people that got let go (for the most part), but the staffing up that lead to them being hired in hindsight was a bad move as well and something had to be done. It usually takes quite a while to find a new job the higher up you are if you are let go and lots of positions (like CFO) are vulnerable if the CEO changes so they have severance baked into their contracts. That “golden parachute” is often not as golden as it appears. [/QUOTE]
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[Updated!] Hasbro Laying Off 1,100 Employees
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