Hasbro, the nation’s second largest toy company behind Mattel based on annual sales, declined to offer more details. Hassenfeld’s family foundation, Hassenfeld Family Initiatives, wasn’t immediately available to comment.

Hassenfeld was born in Providence, Rhode Island and graduated from Deerfield Academy in Massachusetts. He received an undergraduate arts degree from the University of Pennsylvania in 1970. Upon graduation, he joined the Pawtucket, Rhode Island-based family business in 1970. Hasbro was founded in 1923, by Hassenfeld’s grandfather, Henry. Known initially as Hassenfeld Brothers, it sold textile remnants but expanded into school supplies and later toy manufacturing under the Hasbro name in the 1940s, according to Hasbro’s website. It went public in 1968.

Hassenfeld rose quickly in the family business serving as special assistant to the president and worked his way up the ranks. He became one of the key architects of Hasbro’s international operations and spent extensive time traveling overseas. He was named executive vice president in 1980 and became president in September 1984.

Hassenfeld labored for years in the shadow of his older brother Stephen. His brother’s death of pneumonia in June 1989 at age 47, however, moved Hassenfeld into the position of chairman and chief executive officer.

Hassenfeld stepped down as CEO in 2003 and in August 2005, he retired from his chairman position and became emeritus chairman. He stepped away from that role last year. Hassenfeld was the last family member to sit on the board, according to Hasbro.

“All of us who have ever had any connection to Hasbro today are mourning the profound loss of Alan Hassenfeld, our beloved former Chairman & CEO, mentor, and dear friend, ” Hasbro CEO Chris Cocks in an e-mailed statement to The Associated Press. “Alan’s enormous heart was, and will remain, the guiding force behind Hasbro — compassionate, imaginative, and dedicated to bringing a smile to the face of every child around the world. His tireless advocacy for philanthropy, children’s welfare, and the toy industry created a legacy that will inspire us always.”

Hassenfeld was involved in many charitable and social causes both nationally and locally in Rhode Island. His concerns ranged from childhood hunger to issues involving refugee settlement in the state. As chairman of the Hassenfeld Family Initiatives, he oversaw the foundation’s mission of globalizing safety and human rights within the area of children’s products; empowering women in developing countries; and enhancing the economy, education and business opportunities in Rhode Island.

Hassenfeld was also founding benefactor of Hasbro Children’s Hospital in Providence, and his family’s contributions helped to establish the Hassenfeld Child Health Innovation Institute at Brown University.