Hershey's CEO To Retire Soon; New Changes Underway?

Hershey’s CEO, John P. Bilbrey is expected to resign from his position as a CEO of Hershey’s on July 1, 2017. After his resignation, he will keep a non-executive chairman position on Hershey's board.

Lancaster Online reports that John P. Bilbrey joined Hershey in the year of 2003, where in May 2011, he was promoted to president and CEO, succeeding David J. West. According to John P. Bilbrey, the soon to be former CEO of “Hershey” his work in the company has been the “highlight” of his career, but now, at the ripe age of 60, he wants to dedicate his time to his family and close ones.

CNBC shares data that John P. Bilbrey has earned a $10,8 million statement, in 2015, which in total includes $1,2 million in salary, $6,0 million in stock and stock options, and $1.0 million in incentive plan payments.

Hershey is the U.S.’s largest producer of candy and sugar products, which in 2015 have managed to reach sales of $7.4 billion. This attracted the attention of the international conglomerate Mondelez.
This June, they tried to acquire the multi-billion candy producer, at $115 million per share, where Hershey’s response was that a sale will not occur at a price lower than $125 million per share.

Another obstacle in an attempt of assimilation is the Hershey fund, which has been established by the company’s founder with the purpose of building and maintaining a school for the underprivileged.

Two thirds of the foundation’s $12 in assets is stock in the Hershey company, which means that a sale is impossible without the foundation’s permission and even if that happens, like back in 2002 when the foundation tried to sell company stock, the attorney general can always halt the sales procedure under civil protest and unrest, how it happened in the year of 2002.