After 50 years at Hasbro, long-time chairman of the board Al Verrecchia is stepping away from the role, handing it to current president and CEO Brian Goldner (pictured).

Having served at the toy company for half a century, Verrecchia will retire on May 21 at the age of 72.

His successor, Goldner, joined Hasbro in 2000 and became CEO in 2008. Under his leadership, the company inked a potentially lucrative deal with Disney Consumer Products for the global rights to make dolls based on Disney’s Frozen and Disney Princess characters.

Along with Verrecchia, four other board members will also be leaving, due primarily to retirement – Frank J. Biondi, Jr., John (Jack) M. Connors, Jr., Michael W.O. Garrett and Jack M. Greenberg.

The board also named Basil Anderson to the newly created role of lead independent director, effective May 21. The new title replaces the toyco’s current title of presiding, with additional duties and responsibilities.

Anderson has served on Hasbro’s Board of Directors since 2002, and currently serves as chair of Hasbro’s nominating, governance and social responsibility committee.