The New York Times reports this morning that the board of the charitable trust that controls Hershey Foods is being revamped, just four months after it announced plans to sell the company and then changed its mind amid a firestorm of protest.
Ten of the 17 board members, including all seven who voted to sell the company, will leave when their terms expire at the end of the year. They will be replaced by four new members, reducing the size of the board to 11, with the goal being the creation of a board more in touch with the original goals of founder Milton S. Hershey -- create a food company that would support the Milton Hershey School, which offers free education, housing and expenses to needy orphans.
Ten of the 17 board members, including all seven who voted to sell the company, will leave when their terms expire at the end of the year. They will be replaced by four new members, reducing the size of the board to 11, with the goal being the creation of a board more in touch with the original goals of founder Milton S. Hershey -- create a food company that would support the Milton Hershey School, which offers free education, housing and expenses to needy orphans.
- KC's View:
- While the proposed sale of the company -- and the subsequent $12.5 billion offer from Wrigley that ultimately was rejected -- set off an incredible amount of tumult in the Pennsylvania community where both are based, this new announcement is seen as restoring long-term stability to both the company and the school.
