Holly Barbacovi
HASBROAbout Holly Barbacovi
Holly Barbacovi is Executive Vice President and Chief People Officer at Hasbro, appointed July 18, 2024; she leads global HR, people and culture strategy, and is a member of the Executive Leadership Team . She previously served as VP of Human Resources at Wizards of the Coast (2016–2020), and held senior people leadership roles at Bungie (COO; prior CPO), Amazon Games, and spent over 16 years at Microsoft . Age: 48 . Company performance context during 2024 (her onboarding year): revenue declined to $4,135.5M from $5,003.3M, adjusted operating margin rose to 20.3% from 9.5%, and adjusted EBITDA increased to $1,057.4M from $709.4M .
Company Performance (FY)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Revenues ($USD Millions) | $5,003.3 | $4,135.5 |
| Adjusted Operating Margin (%) | 9.5% | 20.3% |
| Adjusted EBITDA ($USD Millions) | $709.4 | $1,057.4 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hasbro/Wizards of the Coast | VP, Human Resources | 2016–2020 | Built HR foundations for high-growth gaming franchises; prior tenure informs talent strategy alignment with Wizards and Digital Gaming . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bungie | Chief Operating Officer; prior Chief People Officer | 2021–2024 (CPO→COO); COO dates not separately disclosed | Drove people-first culture, employee engagement, DEI, and operational leadership during studio scaling . |
| Amazon Games | Senior HR leadership | Not disclosed | Led HR for subscription/consumer tech products; supported launch and scale of major services . |
| Microsoft | Senior HR leadership | 16+ years | Enterprise-scale HR, talent systems, and leadership development in global tech environments . |
Fixed Compensation
- Base salary, target bonus %, and actual bonus paid for Barbacovi were not disclosed in the 2025 proxy (she was not a Named Executive Officer in FY2024). Company-level compensation governance and design is summarized below for context .
Compensation Governance Highlights
- Strong pay-for-performance design with substantial variable pay; independent Compensation & Talent Committee; Meridian as independent consultant .
- Say-on-Pay approval: 87.6% (2024), 91.4% (2023), 88.0% (2022) .
- Clawback policy covering equity and cash incentives, restatements, and misconduct .
- Anti-hedging and pledging policy; no pledging or hedging permitted .
Performance Compensation
Hasbro’s 2024 incentive design (applies to corporate functions and NEOs; CPO likely aligned to corporate framework, though individual targets for Barbacovi are not disclosed) .
Annual Incentive (Corporate functions)
| Metric | Weighting | Target | Actual | % Achievement | Payout Contribution |
|---|---|---|---|---|---|
| Total Net Revenue ($USD ‘000) | 40% | $4,101,000 | $4,136,000 | 101% | 40% |
| Operating Profit Dollars ($USD ‘000) | 40% | $754,000 | $839,000 | 111% | 65% |
| Strategic Metric – Cost-savings ($USD Millions) | 20% | $200–$250 | $227 | 100% vs midpoint | 20% |
| Total Company Payout Factor (pre-individual modifier) | — | — | — | — | 125% |
- Individual performance adjustments can range from 0% to +35% based on strategic and operating objectives .
Long-Term Incentives (LTI) – PSUs and RSUs
| Component | Weight | Metric/Terms | Vesting | Notes |
|---|---|---|---|---|
| Performance Share Units (PSUs) | 50% of target LTI | Cumulative Diluted EPS (100%) with TSR modifier ±25% vs S&P 500 | 3-year performance period | 2022–2024 PSU payout realized 17% of target (company result) . |
| Restricted Stock Units (RSUs) | 50% of target LTI | Time-based | Vest in 3 equal annual installments over first 3 anniversaries of grant | Dividend equivalent units credited and settle with vesting . |
Equity Ownership & Alignment
| Policy/Provision | Detail | Implication |
|---|---|---|
| Stock Ownership Guidelines | CEO: 6x base salary; NEOs: 3x base salary; applies to officers and certain SVP+ employees with 5-year compliance window | Strong ownership alignment; EVPs are covered by officer-level policy . |
| Retention Requirement | Retain at least 50% of net shares from vest/exercise until guideline met | Limits near-term selling; enhances alignment. |
| Anti-Hedging & Anti-Pledging | Hedging or pledging of Company stock prohibited | Reduces misalignment and forced selling risk. |
| Clawback Policy | Recovery of excess incentive comp for restatements; broader recovery for misconduct/violations | Enforces accountability. |
| Change-in-Control Treatment | Double trigger for equity (no automatic vesting; vest only if post-CIC termination under specified circumstances) | Disciplined CIC economics; reduces windfall risk. |
| Insider Trading Controls | Pre-clearance required for directors/executive officers; blackout adherence; governance framework | Manages trading conduct and plan adoption. |
- Beneficial share ownership, pledged shares, vested/unvested breakdown, options and 10b5-1 plans for Barbacovi were not disclosed in the proxy; no Section 16 data was referenced in company filings reviewed.
Employment Terms
- Appointment date: July 18, 2024; role: Executive Vice President, Chief People Officer; member of Executive Leadership Team .
- Employment contract economics (base salary, severance multiples, change-in-control specifics) for Barbacovi were not disclosed in the 2025 proxy/8-Ks reviewed. Company-level severance and CIC terms are disclosed for NEOs and equity plan treatment is double-trigger .
Performance & Track Record
- HR leadership across AAA gaming and large-cap tech: Bungie (COO and prior CPO), Amazon Games, Microsoft (16+ years), Wizards of the Coast (VP HR) .
- Business context: Hasbro delivered record adjusted operating margin >20% in 2024 and improved profitability and cash flow during ongoing transformation and operational excellence program .
Compensation Committee & Governance
- Compensation and Talent Committee: Chair Lisa Gersh; oversight expanded to human capital, recruitment, leadership development, succession, engagement, culture and retention .
- Peer group spans digital gaming, consumer brands, licensing; design reviewed with Meridian .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay approvals: 87.6% (2024), 91.4% (2023), 88.0% (2022); shareholders supportive of revenue/OP/cost-savings metrics for STI and cumulative EPS with TSR modifier for LTI .
Investment Implications
- Alignment: Executive stock ownership guidelines, retention rules, clawbacks, and hedging/pledging prohibitions strengthen alignment and limit hedging/pledging red flags .
- Retention risk: Barbacovi’s deep domain experience in gaming and tech HR is strategically valuable for Hasbro’s transformation; specific compensation terms are undisclosed, but double-trigger equity and pre-clearance policy mitigate near-term selling pressure .
- Execution lever: As CPO, her remit over talent, culture, and succession is critical to delivering operational excellence, cost-savings, and digital growth—key drivers of margin sustainability and 2025 guidance (adj. operating margin 21–22%) .
- Monitoring: Track future proxies/8-Ks for her compensation disclosure, ownership changes, and any Section 16 filings; continue to assess Say-on-Pay outcomes and human capital disclosures for signals on retention and execution quality .