Hasbro said Thursday that President and CEO Brian Goldner will become chairman on May 21, the date of the toy maker's annual shareholder meeting.
Chairman Al Verrecchia, 71, will step down then because the Pawtucket, Rhode Island-based company has a target retirement age of 72. Four other Hasbro directors, Frank Biondi Jr., John Connors Jr., Michael Garrett and Jack Greenberg, will also retire from the board because they are close to retirement age.
The company said current director Basil Anderson will become its lead independent director.
Goldner has been Hasbro's president and CEO since 2008.
Verrecchia, Hasbro's CEO from 2003 to 2008, became chairman in 2008.
Hasbro Inc. is scheduled to report its fourth-quarter results on Monday.