John Hight
HASBROAbout John Hight
John Hight is President, Wizards of the Coast and Digital Gaming at Hasbro, overseeing strategy for Magic: The Gathering and Dungeons & Dragons, Hasbro’s gaming studios, and digital licensing. He was appointed July 18, 2024 (offer letter dated June 20, 2024; effective appointment referenced in August 2024) after a 12‑year tenure at Blizzard as SVP & GM of the Warcraft franchise . He holds a BS in Computer Science (University of New Mexico) and an MBA (USC) and previously led major projects at Sony (launch of PlayStation Network; God of War 3) and held senior roles at Electronic Arts and Atari . Wizards’ 2024 business area performance exceeded goals (Net Revenue 107% of goal; Operating Profit 110% of goal), producing a 125% annual incentive payout for Hight . Company-wide in 2024, adjusted operating margin exceeded 20% and the Wizards segment operating margin reached 41.8% (+5.7 pts YoY) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blizzard Entertainment | SVP & GM, Warcraft Franchise | 12 years | Oversaw World of Warcraft, Hearthstone, Warcraft Rumble; led multiple WoW expansions and Diablo III console/Reaper of Souls |
| Sony Computer Entertainment (Santa Monica Studio/PlayStation) | Studio leader; helped launch PlayStation Network; oversaw God of War 3 | Not disclosed | Built online platform and led flagship AAA development |
| Electronic Arts | Senior roles | Not disclosed | Contributed to Command & Conquer franchise; corporate development/product leadership |
| Atari | Senior roles | Not disclosed | Development/production leadership across platforms |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| USC School of Cinematic Arts | Adjunct Professor (Game development/production) | Not disclosed | Educated industry talent; translated practical production expertise to academia |
| Industry Publications | Lead author, “Game Development Essentials: Game Project Management” | Not disclosed | Codified project management best practices for games |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base salary (annual rate) | $725,000 | Offer letter dated June 20, 2024 |
| Salary earned (2024 partial year) | $278,846 | Reflects period employed in 2024 |
| Target bonus (AIP) | 100% of base salary | Named Executive Officer target schedule |
| Annual incentive earned (2024) | $348,558 | Based on Wizards/business & company metrics |
| Sign-on cash bonus (total) | $450,000 | 50% near start; 50% after 6 months (Feb 2025) |
| Sign-on paid in 2024 | $225,000 | First installment reflected in summary comp |
| Stock awards (2024 grant-date fair value) | $3,500,028 | New-hire RSU grant |
| Option awards (2024) | $0 | No options granted |
| All Other Compensation (2024) | $128,313 | Perquisites & benefits |
| Perquisites detail (2024) | Relocation $51,938; Tax gross-up $35,627; Family travel $29,197 | Included in All Other Compensation |
| Company savings contributions (2024) | $12,046 | 401(k)/Supplemental Plan matching |
| Non-qualified deferred contributions (2024) | $22,308 contribution; $(188) earnings; $22,119 year-end balance | Deferred Compensation Plan |
Performance Compensation
Annual Incentive Plan Structure (Executive-specific)
| Metric | Weighting | Notes |
|---|---|---|
| Wizards Business Area Net Revenue | 40% | Business area must meet both revenue and OP thresholds for payout |
| Wizards Business Area Operating Profit Dollars | 40% | Focus on profitable growth |
| Company Strategic Metric (Cost-savings) | 20% | Operational excellence program (cost-savings targets) |
2024 AIP Results for John Hight
| Metric | Goal ($000) | Actual ($000) | % Achievement | Weighted Payout |
|---|---|---|---|---|
| Wizards Net Revenue (40%) | 1,406,000 | 1,511,000 | 107% | 51% |
| Wizards Operating Profit Dollars (40%) | 575,000 | 632,000 | 110% | 54% |
| Company Strategic Metric (20%) | Cost-savings target range (see company table) | Achieved; see company result | 100% of segment weighting | 20% |
| Final payout percentage | 125% |
Long-Term Incentive (LTI) Design and Awards
- 2024 program removed stock options; shifted to 50% PSUs and 50% RSUs for NEOs generally; Hight’s new-hire award was all RSUs (no PSUs granted in 2024) .
- Ongoing LTI target value: 250% of base salary (per offer letter) .
| LTI Component | Grant Date | Units/Value | Vesting |
|---|---|---|---|
| RSUs (new hire) | Aug 17, 2024 | 53,200 units; $3,500,028 fair value | Equal annual installments over 3 years |
| RSU vesting dates (FY-end footnote) | Aug 15, 2024 | 54,316 RSUs outstanding at FY-end; market value $3,079,717 at $56.70 | Vests on Aug 15, 2025, 2026, 2027 |
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Beneficial ownership (as of Mar 12, 2025) | 54,966 shares; <1% of class (139,893,195 shares outstanding) |
| Included unvested RSUs (beneficial table) | 54,923 shares (includes accrued unvested DEUs) |
| Unvested RSUs at FY-end (market value) | 54,316 units; $3,079,717 (at $56.70 on Dec 27, 2024) |
| Options (exercisable/unexercisable) | None disclosed for Hight |
| Stock pledging/hedging | Prohibited for all directors/executives |
| Stock ownership guideline | 3x base salary (NEOs other than CEO) |
| Compliance status | New executives have 5 years to meet guidelines; NEOs compliant or within 5-year window as of FY2024 |
| Retention requirement | Must retain 50% of net shares until guideline met |
| Trading controls | Pre-clearance required for executives and covered persons |
Insider selling pressure indicators:
- 2024: No option exercises and no vesting for Hight (new hire in 2H 2024), limiting near-term selling pressure .
- Upcoming RSU tranches vest annually (Aug 2025–2027), typically subject to tax withholding; retention rule requires holding 50% of net shares until guideline compliance .
Employment Terms
| Term | Detail |
|---|---|
| Offer letter date | June 20, 2024 |
| Position | President, Wizards of the Coast and Digital Gaming |
| Base salary | $725,000 |
| Target annual incentive | 100% of base salary |
| Target annual LTI | 250% of base salary |
| Sign-on cash bonus | $450,000 (50% near start; 50% after six months, Feb 2025) |
| One-time RSU grant | $3,500,000 grant-date value; 3-year equal annual vesting |
| Severance plan | Covered under Hasbro Severance Benefits Plan |
| Change-in-control (CIC) policy | Equity awards subject to double trigger post-CIC; vest only if terminated under specified circumstances |
| Anti-hedging/pledging | Prohibited |
| Clawback | Recoupment of incentive comp upon material non-compliance/restatement; broader recovery if misconduct |
Potential Payments Upon Termination or CIC (as of Dec 29, 2024; using $56.70 share price)
| Scenario | Cash Severance | Other Benefits | Accelerated Equity | Total Incremental Benefits |
|---|---|---|---|---|
| Involuntary Termination (no CIC) | $725,000 | $37,617 | $0 | $762,617 |
| Involuntary Termination in connection with CIC (double trigger) | $2,007,693 | $43,925 | $3,079,717 | $5,131,334 |
| Death/Disability acceleration | RSUs do not accelerate (less than one year of service by FY-end) |
Investment Implications
- Pay-for-performance alignment: Hight’s 2024 AIP paid at 125% on Wizards’ revenue/OP outperformance and company strategic goals (cost-savings), linking his cash bonus directly to segment execution and transformation objectives . Long-term equity is time-based RSUs with annual vesting; PSUs not granted in 2024 new-hire award, but the broader program prioritizes EPS with a TSR modifier for NEOs, reinforcing profitability and shareholder return focus .
- Retention risk: Material unvested RSUs vest through 2027 and are subject to double-trigger CIC and 50% net share retention until guideline compliance, reducing near-term exit risk and aligning incentives across a multi-year horizon .
- Selling pressure: No 2024 vesting or option exercises for Hight; monitor August vesting windows (2025–2027) for tax withholding-related dispositions; Hasbro’s pre-clearance and anti-hedging/pledging policies limit opportunistic trading and alignment concerns .
- Change-of-control economics: Double-trigger equity and defined severance deliver ~$5.13M incremental benefits under CIC termination; death/disability RSUs would not accelerate due to <1 year service at FY-end, an appropriate guard against windfalls .
- Governance and shareholder signaling: Stock ownership guideline (3x salary) with retention policy, formal clawback, and prohibitions on pledging/hedging support alignment. Say‑on‑Pay support has been strong (87.6%–91.4%–88.0% approvals in 2022–2024), indicating investor acceptance of program structure .
- Execution track record: Prior leadership of major gaming franchises (Warcraft, Diablo; PlayStation/God of War; EA/Command & Conquer) complements Hasbro’s push into digital, with 2024 Wizards outperformance and company margin improvement reinforcing segment leadership momentum .