Alan Hassenfeld, chairman of Hasbro's executive committee, and the late Stephen Hassenfeld, CEO and chairman until 1989, have been selected for induction into LIMA's Licensing Industry Hall of Fame.

The ceremony will take place on June 8th at the opening night awards party of Licensing International at the Mandalay Bay Convention Center, Las Vegas.

"Stephen and Alan transformed their family's Rhode Island toy company into a global marketing powerhouse, along the way garnering Wall Street's respect for toy companies," said Charles Riotto, president of LIMA.

"They also share LIMA's commitment to integrity in business and to giving back to the communities and consumers who support our business. LIMA is proud to honour them as licensing industry pioneers."

Alan Hassenfeld added: "From the youngest moviegoers to passionate toy collectors of all ages, our licensing programmes have been a way for Hasbro to help bring joy and laughter to last a lifetime. I am honoured that Stephen and I will be recognised by the licensing community for our efforts."

Candidates for the Hall of Fame must demonstrate continual and outstanding contributions to the licensing industry. Consideration is given to those who have been actively involved in the business for a minimum of ten years and whose contributions have ongoing relevance to the industry.