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Hershey Media Report 7/12/16
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The Morning Ledger: New Corporate Ethics Rulebook in the Offing
Jul 12, 2016 | Wall Street Journal
By Maxwell Murphy
Resignation of a board member of the Hershey Co. Trust mentioned in the Wall Street Journal Morning Ledger, which is a morning round up of daily news. Relevant portion pasted below. -
Deals of the Day: Hershey Uncertainty, AMC Deal Helped by Weak Pound
Jul 12, 2016 | Wall Street Journal
By Erik Holm
Resignation of a board member of the Hershey Co. Trust mentioned in the Wall Street Journal Deals of the Day, which is a morning round up of business news. Relevant portion pasted below. -
Chicagoan Joan Steel quits Hershey Trust board
Jul 12, 2016 | Crain's Chicago Business
By Lisa Bertagnoli
Joan Steel, founder and managing principal at Alpha Wealth Advisors, quit Hershey Trust's board over the weekend. Her resignation follows that of three other directors in late 2015 from the entity that controls a majority of Hershey's voting shares. -
Hershey Trust board member 'resigns'
Jul 12, 2016 | Just Food
By Katy Askew
A board member of the Hershey Trust has reportedly resigned in the wake of a takeover bid for the chocolate group from Mondelez International. It became public that Mondelez had launched a near US$23bn bid to acquire Hershey, which was turned down by the Hershey board, at the end of last month. -
Hershey Trust Board member Joan Steel resigns
Jul 12, 2016 | Pop Herald
By Vicki Perkins
A board member of the charitable trust that controls Hershey Co (HSY.N) has resigned, the fourth such departure in less than 12 months, the trust said on Monday, at a time when the chocolate company is a takeover target for Mondelez International Inc (MDLZ.O). Joan Steel, a Hershey trustee, resigned over the weekend, a spokesman for the trust said on Monday.
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The Morning Ledger: New Corporate Ethics Rulebook in the Offing
Jul 12, 2016 | Wall Street Journal
By Maxwell Murphy
Hershey trust director resigns. A board member of the trust controlling Hershey Co.has resigned, another sign of uncertainty at the famous chocolate maker as it faces pursuit from a larger rival. Joan E. Steel, a board member at the Hershey Trust Co. since 2012 who served on its audit committee, resigned over the weekend without giving reason, trust spokesman Kent Jarrell said Monday. The charitable trust that controls Hershey’s board is searching for a replacement, but said it can conduct business with nine directors. At the same time, higher chocolate prices pressure Hershey. Its rebuff of a bid by Mondelez International Inc. comes as the cost of two crucial ingredients in chocolate, cocoa butter and sugar, has risen sharply this year.
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Deals of the Day: Hershey Uncertainty, AMC Deal Helped by Weak Pound
Jul 12, 2016 | Wall Street Journal
By Erik Holm
Resignation at Hershey adds uncertainty. A board member of the trust controlling Hershey Co. has resigned, another sign of uncertainty at the famous chocolate maker as it faces pursuit from a larger rival.
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Chicagoan Joan Steel quits Hershey Trust board
Jul 12, 2016 | Crain's Chicago Business
By Lisa Bertagnoli
Joan Steel, founder and managing principal at Alpha Wealth Advisors, quit Hershey Trust's board over the weekend. Her resignation follows that of three other directors in late 2015 from the entity that controls a majority of Hershey's voting shares.
The trust is in the spotlight for two reasons. Earlier this month, Hershey's board rejected an unsolicited $23 billion buyout offer from Mondelez International. Hershey Trust holds 80 percent of the company's voting shares.
The other reason: The trust, a $12 billion charity that supports the Milton Hershey School for underprivileged children, in May completed an investigation of possible insider trading of Hershey stock by two board members, according to a Philadelphia Inquirer report.
Pennsylvania's attorney general is also investigating the trust for matters concerning governance and spending.
Steel, who lives in the Chicago area, has an MBA from the University of Chicago Booth School of Business and is active in civic matters. She is member of the Economic Club of Chicago, Chicago Council on Global Affairs, Executives' Club of Chicago, the Chicago Network and Committee of 200. She is a trustee of Loyola University of Chicago and Rush University Medical Center, co-chairs Rush's Arthritis and Orthopedic Leadership Committee and is on the professional advisory committee for Chicago Community Trust.
Steel, who joined the Heshey board in 2012, did not respond to an email request for an interview.
Steel's resignation leaves nine members, a quorum, at Hershey Trust. In a report, a Hershey Trust spokesman said the trust is looking for replacement members. It's unclear what, if any, impact the move will have on the Mondelez pursuit of Hershey, however.
The Hershey Foundation, formed in 1905, has a majority of the company's voting power, giving it the ability to block any unwanted buyer. The board rejected the Mondelez attempt in June to buy the chocolate maker in a cash-and-stock offer worth $107 a share and said the overture “provided no basis for further discussion.”
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Hershey Trust board member 'resigns'
Jul 12, 2016 | Just Food
By Katy Askew
A board member of the Hershey Trust has reportedly resigned in the wake of a takeover bid for the chocolate group from Mondelez International.
It became public that Mondelez had launched a near US$23bn bid to acquire Hershey, which was turned down by the Hershey board, at the end of last month.
A takeover cannot go ahead without the backing of the Hershey Trust, which controls over 80% of Hershey's voting rights. The Trust was established by the chocolate maker's founder, Milton Hershey, and it has acted as a barrier to previous M&A, including a 2002 takeover attempt by Wrigley.
According to Reuters, Trust board member Joan Steel, resigned over the weekend without giving a reason for her. The charitable trust is searching for a replacement but its remaining nine members are understood to be continuing to conduct business.
Three other board members—Stephanie Bell-Rose, John Fry and Richard Zilmer— have resigned from the trust since late 2015.
The trust is under continuing investigation by the attorney general's office into alleged overpayment of directors and conflicts of interest. The Pennsylvania Attorney General's office has oversight of the Trust under state law.
The news of Steel's resignation has increased uncertainty over the chocolate maker's future in the face of Mondelez's pursuit.
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Hershey Trust Board member Joan Steel resigns
Jul 12, 2016 | Pop Herald
By Vicki Perkins
A board member of the charitable trust that controls Hershey Co (HSY.N) has resigned, the fourth such departure in less than 12 months, the trust said on Monday, at a time when the chocolate company is a takeover target for Mondelez International Inc (MDLZ.O).
Joan Steel, a Hershey trustee, resigned over the weekend, a spokesman for the trust said on Monday.
The trust is under continuing investigation by the attorney general's office into alleged overpayment of directors and conflicts of interest. The charitable trust that controls Hershey's board is searching for a replacement, but its nine remaining members are enough to conduct board business, Mr. Jarrell said. Established in the early 1900s by Milton Hershey, the organization runs a school for low-income students and oversees the Hershey Entertainment & Resorts company.
Steel couldn't immediately be reached for comment.
Just 2 weeks ago the USA chocolate company was presented an acquisition offer of $23 billion in cash and stock, from Oreo maker Mondelez (MDLZ), which Hershey rejected.
In addition to Steel, three board members have resigned since late 2015, one of whom was Drexel University President John Fry.
The attorney general's office is investigating the trust for excessive spending and allowing board members to overstay their terms.
Jeffrey Johnson, spokesman for the attorney general's office, said on Monday in response to Steel's departure that "this is an ongoing investigation, meaning we can not comment at this time".
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