Hershey Trust Update

Earlier on this blog, I have reported on an article discussing the plight of the charitable trust that controls the Hershey company.

Here is what has recently occurred according to Hershey cleans house; 8 directors ousted, Reuters, Nov. 12, 2007:

Chocolate maker Hershey * * * has replaced eight members of its board of directors, the latest management shake-up in the weeks since the surprise announcement of Chief Executive Richard Lenny’s retirement. * * *

Six of Hershey’s independent directors quit at the request of the Hershey Trust, the controlling shareholder that has recently said it was not happy with company’s performance. Two directors elected separately by shareholders also resigned. * * *

The Trust, established by Hershey founder Milton Hershey to serve as trustee for the boarding school that bears his name, controls about 78% of voting shares at Hershey and about 30% of the economic interest.

Among the board members who resigned was Robert Campbell, who had been designated to become non-executive chairman Jan. 1.

The directors who resigned at the trust’s request: Jon A. Boscia, Robert H. Campbell, Gary P. Coughlan, Harriet Edelman, Mackey J. McDonald and Marie J. Toulantis — resigned at the request of the Hershey Trust, the company said.

The shareholder directors who resigned: Bonnie G. Hill and Alfred F. Kelly Jr.