Hasbro has promoted John Frascotti to the newly created position of president, Hasbro Brands.

In his new role, Frascotti assumes the additional responsibilities of worldwide product development.The company's global marketing and design and development teams will be combined under Frascotti, in a move to drive innovation, maximize efficiencies and facilitate collaboration.

“Across our organization, we are building a tremendous team that can inspire new ideas through our brands and execute them through our brand blueprint, in brand building and storytelling globally,” says Brian D. Goldner, president and chief executive officer. “No one is better suited than John for this new leadership opportunity. His vision and consumer-centric approach will serve Hasbro and all of its stakeholders well as we continue to work side-by-side to deliver compelling brand expressions across generations and geographies.”

Hasbro has made big strides in recent years, transforming itself from a toy company into an entertainment leader. Read all about this transformation and the company's ongoing strategy in the June License! Global cover story, "The Magic of Branded Play."

Frascotti joined Hasbro in 2008 as chief marketing officer. During his tenure, he led the re-imagination, re-invention and re-ignition of Hasbro's world-class brand portfolio and has been a key architect of the company’s branded play strategy.

“I am incredibly honored to be leading this dynamic group of professionals,” says Frascotti. “This unified approach will enable us to continue to drive the momentum in our business and develop our brands holistically across platforms to meet the evolving needs of our global consumers.”

Duncan Billing will now assume the role of executive vice president of global operations and business development. Billing joined Hasbro in 1988 as group director of sales and marketing for its U.K. subsidiary. He later transferred to the U.S., where he held a variety of senior-level positions.

“As Hasbro continues to innovate in new areas of play and entertainment, I look forward to driving new strategic business opportunities and revenue streams for the company, while continuing to evolve our very capable operations function,” says Billing.