(Bloomberg) -- Hasbro Inc. appointed veteran video-game executive John Hight as president of its Wizards of the Coast and digital gaming division.
Hight, who previously ran Microsoft Corp.’s World of Warcraft franchise, will oversee Hasbro’s network of gaming studios and digital licensing agreements, the company said Thursday, confirming an earlier report by Bloomberg News. He will also lead strategy for Magic: The Gathering and Dungeons & Dragons.
Digital games have become an important part of the product lineup at Hasbro, generating 42% of the company’s revenue in the first quarter. The Pawtucket, Rhode Island-based company also produces classic toys like Nerf and Play-Doh.
In April, Hasbro reported quarterly earnings that beat estimates in a promising sign for the company’s turnaround efforts. Revenue at the Wizards and digital gaming division increased 7% in the quarter, driven by an increase in online licensing behind Baldur’s Gate 3 and Monopoly Go!
Hight succeeds Cynthia Williams, who ran the unit until April, when she left to become chief executive officer of Funko Inc.
Hasbro and rival Mattel Inc. report second-quarter earnings next week.
Shares of Hasbro were little changed at $61.17 at 11:03 a.m. in New York.
(Updates with company statement in second paragraph, shares in last paragraph.)
©2024 Bloomberg L.P.
