Stephen's grandfather, Henry Hassenfeld, was a Jewish immigrant from Poland who, with his brother Helal, founded a textile company that sold remnants called Hassenfeld Brothers. The brothers would move on to sell pencil boxes, school supplies, and later, toys. After the success of
Mr. Potato Head and
G.I. Joe, the Hassenfeld Brothers would create Hasbro Industries in 1968 and begin to list on the
New York Stock Exchange. In 1980, Stephen's father Merrill died, and Stephen took over control of Hasbro. From 1980 to 1986, Stephen Hassenfeld increased Hasbro's profitability by 85% annually. Only two
Fortune 500 companies have achieved such a high rate of growth in profitability.
Forbes magazine rated Hasbro number one in a thousand-corporation survey of increased value during the first half of the 1980s, well ahead of other successful companies such as
Wal-Mart and
Berkshire Hathaway. In 1983, Hassenfeld established the Hasbro Charitable Trust, and in 1984, he created Hasbro Children's Foundation. The two charities help to improve the lives of children and their families throughout the world by providing management of grant donations in operating areas, product donation, matching gifts to higher education, special community projects, and volunteering. In addition, in 1990, the
Stephen D. Hassenfeld Children's Center for Cancer and Blood Disorders was created. The center is directly affiliated with the pediatrics department of the
New York University Grossman School of Medicine. ==Legacy==