In an effort to push for more improved company performance, TheHershey Company has replaced eight members of its board of directors.
At the request of the Hershey Trust, the company’scontrolling shareholder, six independent directors resigned from the board asof yesterday: Jon A. Boscia, Robert H. Campbell, Gary P. Coughlan, HarrietEdelman, Mackey J. McDonald, and Marie J. Toulantis.
In addition, two directors elected separately by the company’scommon stock shareholders – Bonnie G. Hill and Alfred Kely, Jr. – also resigned.
“After careful reflection and consideration of ourresponsibilities to the Trust, and the best interests of all Hershey Companyshareholders, we determined to electnew directors to aggressively pursue addressing the company’s businesschallenges.” — LeRoy S. Zimmerman, The Hershey Trust.
Accompanying the appointment of Kenneth L. Wolf asnon-executive chairman, which will take effect on January 1 upon the retirementof current Chairman and CEO Richard H. Lenny, the Trust appointed seven newindependent directors:
- Charles A. Davis – Chairman and CEO, Stone Point Capital; Director, Media General, Merchants Bancshares, and Progressive Corp.
- Edward J. Kelly III – Managing Director, The Carlyle Group; Director, The
- James E. Nevels – Chairman, The Swarthmore Group; Member, Hershey Trust Company Board and Board of Managers of
- Thomas J. Ridge – President and CEO, Ridge Global LLC; Director, Exelon Corp. and Vonage
- Charles B. Strauss – Director, The
- LeRoy S. Zimmerman – Senior Counsel, Eckert Seamans Cherin & Mellot; Chairman, Hershey Trust Company Board; Chairman, Board of Managers of Milton Hershey School; Chairman, Hershey Entertainment & Resorts Company board.
“The Hershey Trust, which is obligated to manage its assets solely for thebenefit of Milton Hershey School, a school for children in need, has made clearit has not been satisfied with the Company’s recent results,” said Zimmerman ina statement. “After careful reflection and consideration of ourresponsibilities to the Trust, and the best interests of all Hershey Companyshareholders — and after a due-diligence period in which we investigated andascertained the considerable interest of best-in-class directors who were eagerto work with the Trust to benefit all shareholders — we determined to electnew directors to aggressively pursue addressing the company’s businesschallenges.”