Stephen D. Hassenfeld
Encyclopedia
Stephen D. Hassenfeld was an American
businessman best known for being the chairman and chief executive officer
of Hasbro
from 1980 until 1989. During his tenure, Hassenfeld restored the reputation of Hasbro and surpassed Mattel
as the world's largest toy manufacturer.
to Sylvia and Merrill Hassenfeld. He was the oldest of three siblings, the others being his sister Ellie and the youngest child, Alan
. They lived in Providence's
east side. He attended Moses Brown School
where he was well-known as a skilled debater.
and G.I. Joe
the Hassenfeld Brothers would create Hasbro Industries in 1968, and begin to list on the NYSE.
In 1980, Stephen's father Merrill died, and Stephen took over control of Hasbro. From 1980 to 1986, Stephen Hassenfeld increased Hasbro's profitability by 85% annually. Only two Fortune 500
companies have achieved such a high rate of growth in profitability. Forbes Magazine rated Hasbro number one in a thousand-corporation survey of increased value during the first half of the eighties, well ahead of other successful companies such as Wal-Mart
and Berkshire Hathaway
.
In 1983, Hassenfeld established the Hasbro Charitable Trust, and in 1984, he created Hasbro Children's Foundation. The two charities help to improve the lives of children and their families throughout the world by providing management of grant donations in operating areas, product donation, matching gifts to higher education, special community projects, and volunteering. Also, in 1990, the Stephen D. Hassenfeld Children’s Center for Cancer and Blood Disorders was created. The Children's Center is the best facility, and under its current director, Dr. William Carroll has been making remarkable strides in alleviating the worst of children's suffering.
in 1989 at the age of 47, and is buried next to his father in Lincoln Park Cemetery in Warwick, Rhode Island
. In 1991 he was posthumously inducted into the Toy Industry Hall of Fame. At the time of Hassenfeld's death Hasbro was a company with annual net revenues of more than $1.3 billion.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman best known for being the chairman and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Hasbro
Hasbro
Hasbro is a multinational toy and boardgame company from the United States of America. It is one of the largest toy makers in the world. The corporate headquarters is located in Pawtucket, Rhode Island, United States...
from 1980 until 1989. During his tenure, Hassenfeld restored the reputation of Hasbro and surpassed Mattel
Mattel
Mattel, Inc. is the world's largest toy company based on revenue. The products it produces include Fisher Price, Barbie dolls, Hot Wheels and Matchbox toys, Masters of the Universe, American Girl dolls, board games, and, in the early 1980s, video game consoles. The company's name is derived from...
as the world's largest toy manufacturer.
History and early life
Stephen was born in Rhode IslandRhode Island
The state of Rhode Island and Providence Plantations, more commonly referred to as Rhode Island , is a state in the New England region of the United States. It is the smallest U.S. state by area...
to Sylvia and Merrill Hassenfeld. He was the oldest of three siblings, the others being his sister Ellie and the youngest child, Alan
Alan G. Hassenfeld
Alan G. Hassenfeld was the chairman and chief executive officer of Hasbro Toys from 1989 to 2008. He was the brother of Stephen D. Hassenfeld, who preceded him in the post. Hasbro was founded as a Hassenfeld family business in 1923...
. They lived in Providence's
Providence, Rhode Island
Providence is the capital and most populous city of Rhode Island and was one of the first cities established in the United States. Located in Providence County, it is the third largest city in the New England region...
east side. He attended Moses Brown School
Moses Brown School
Moses Brown School is a Quaker school located in Providence, Rhode Island, founded by Moses Brown, a Quaker abolitionist, in 1784. It is one of the oldest preparatory schools in the country.-Founder:...
where he was well-known as a skilled debater.
Accomplishments
Stephen's grandfather, Henry Hassenfeld, was a Jewish immigrant from Poland who, with his brother Helal, founded a textile company that sold remnants called Hassenfeld Brothers. The brothers would move on to sell pencil boxes, school supplies, and later, toys. After the success of Mr. Potato HeadMr. Potato Head
Mr. Potato Head! is an American toy consisting of a plastic model of a potato which can be decorated with a variety of plastic parts that can attach to the main body. These parts usually include ears, eyes, shoes, a hat, a nose, and a mouth. The toy was invented and developed by George Lerner in...
and G.I. Joe
G.I. Joe
G.I. Joe is a line of action figures produced by the toy company Hasbro. The initial product offering represented four of the branches of the U.S. armed forces with the Action Soldier , Action Sailor , Action Pilot , Action Marine and later on, the Action Nurse...
the Hassenfeld Brothers would create Hasbro Industries in 1968, and begin to list on the NYSE.
In 1980, Stephen's father Merrill died, and Stephen took over control of Hasbro. From 1980 to 1986, Stephen Hassenfeld increased Hasbro's profitability by 85% annually. Only two Fortune 500
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
companies have achieved such a high rate of growth in profitability. Forbes Magazine rated Hasbro number one in a thousand-corporation survey of increased value during the first half of the eighties, well ahead of other successful companies such as Wal-Mart
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
and Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
.
In 1983, Hassenfeld established the Hasbro Charitable Trust, and in 1984, he created Hasbro Children's Foundation. The two charities help to improve the lives of children and their families throughout the world by providing management of grant donations in operating areas, product donation, matching gifts to higher education, special community projects, and volunteering. Also, in 1990, the Stephen D. Hassenfeld Children’s Center for Cancer and Blood Disorders was created. The Children's Center is the best facility, and under its current director, Dr. William Carroll has been making remarkable strides in alleviating the worst of children's suffering.
Legacy
Stephen D. Hassenfeld died of AIDSAIDS
Acquired immune deficiency syndrome or acquired immunodeficiency syndrome is a disease of the human immune system caused by the human immunodeficiency virus...
in 1989 at the age of 47, and is buried next to his father in Lincoln Park Cemetery in Warwick, Rhode Island
Warwick, Rhode Island
Warwick is a city in Kent County, Rhode Island, United States. It is the second largest city in the state, with a population of 82,672 at the 2010 census. Its mayor has been Scott Avedisian since 2000...
. In 1991 he was posthumously inducted into the Toy Industry Hall of Fame. At the time of Hassenfeld's death Hasbro was a company with annual net revenues of more than $1.3 billion.