Stephen A. Schwartz, president of the Playskool...

Stephen A. Schwartz, president of the Playskool division of toy maker Hasbro Inc., has quit rather than accede to a management shake-up that would have moved him down the corporate chain of command. Hasbro’s announcement said Schwartz, 41, resigned “to pursue other business opportunities.” Under Schwartz, Playskool was Hasbro’s fastest-growing division the past two years. The new arrangement would have had Schwartz reporting to Alfred J. Verrecchia, who has been made chief operating officer for Hasbro’s domestic toy operations. Schwartz had been reporting directly to Alan G. Hassenfeld, Hasbro chairman and chief executive.