Hasbro

(HAS) - Get Report

said Chairman Alan Hassenfeld would step down after 35 years, though he'll remain as nonemployee chairman.

The Pawtucket, R.I.-based toymaker said the transition would take effect Jan. 1. Hasbro said Hassenfeld will "have more time to provide leadership to the board" and "continue to be involved in the company's philanthropic endeavors."

"Alan Hassenfeld epitomizes everything that is right about Hasbro," said CEO Alfred J. Verrecchia.

On Tuesday, Hasbro shares dropped 17 cents to $20.13.