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Hershey Media Monitoring Report - 10/14/16
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Hershey’s CEO John Bilbrey to retire next year
Oct 14, 2016 | Associated Press
Hershey (HSY) says CEO John Bilbrey plans to retire from the chocolate company next year. -
Hershey CEO to retire next summer
Oct 14, 2016 | Financial Times
Big change at the top for Hershey. The company behind Hershey’s chocolate bars and Reese’s peanut butter cups, said on Friday that John P. Bilbrey will be stepping down as president and chief executive next July. -
Hershey CEO announces he is retiring
Oct 13, 2016 | Reuters
By Reuters
The chief executive of Hershey Co, the chocolate company that Oreo cookie-maker Mondelez International Inc tried to acquire earlier this year, is preparing to step down by next summer, the company said in a release. -
Hershey CEO Bilbrey to retire in July, stay as non-executive chairman
Oct 14, 2016 | Reuters
By Greg Roumeliotis and Lauren Hirsch
Hershey Co, the chocolate maker that Oreo cookie-maker Mondelez International Inc tried to buy earlier this year, said on Friday that Chief Executive John Bilbrey would retire from his post on July 1. -
Hershey CEO Bilbrey Preparing to Step Down, Reuters Reports
Oct 14, 2016 | Bloomberg
By Bloomberg News
Hershey Co. Chief Executive Officer John Bilbrey is preparing to step down by next summer, the Reuters news agency reported, citing unidentified people familiar with the matter. -
Hershey CEO J.P. Bilbrey to Step Down
Oct 14, 2016 | Wall Street Journal
By Austen Hufford
Hershey Co. said Chief Executive J.P. Bilbrey will retire from his post in July, as the candy maker works to adapt to changing consumer tastes. -
Bank earnings, Fed-speak dominate as US futures soar
Oct 14, 2016 | CNBC
By Matthew J. Belvedere and Peter Schacknow
Only Relevant Portions Included: Hershey (HSY) CEO John Bilbrey is preparing to step down by next summer, according to Reuters. The chocolate maker's board is said to have already formed a committee to find a successor. -
Hershey Co. CEO Bilbrey to resign; more turmoil at top of rich charity
Oct 14, 2016 | Philadelphia Inquirer
By Bob Fernandez
Hershey Co. CEO John Bilbrey is stepping down from the iconic Pennsylvania company, even as the firm's controlling shareholder, the $12.5-billion Milton Hershey School for impoverished children, faces its own board-level turmoil. -
Hershey Co. CEO to step aside next year
Oct 14, 2016 | PennLive
By Nick Malawskey
Hershey Co. CEO John P. Bilbrey, who was named CEO in 2011, will retire in July of next year, the Hershey Co. said Friday. -
Hershey CEO Bilbrey to retire in July; search for successor underway
Oct 14, 2016 | Lancaster Online
By Tim Mekeel
The Hershey Co. said Friday that John P. Bilbrey, its chairman, president and chief executive officer, will retire July 1. -
Hershey CEO John P. Bilbrey to retire
Oct 14, 2016 | Central Penn Business Journal
By Roger DuPuis
Hershey Co. President and CEO John P. Bilbrey will retire on July 1, 2017, the Derry Township candy company announced Friday morning. -
It may be a sweet job, but Hershey CEO is stepping down
Oct 14, 2016 | Business Journals
By Gina Hall
Hershey Co. CEO John Bilbrey, 60, will step down as head of the chocolate company on July 1, 2017, though he is expected to continue to serve as non-executive chairman of the board. The Pennsylvania-based company's shares were up 1.4 percent in premarket trading on the news and are currently trading at $96.50 per share. -
Hershey CEO John Bilbrey to retire in July 2017
Oct 14, 2016 | MarketWatch
By Ciara Linnane
The Hershey Co. HSY, +0.88% said Friday that Chief Executive John Bilbrey is planning to retire on July 1, 2017. The board has appointed a special committee to lead the search for a replacement, led by Pamela Arway, chair of its governance committee. The chocolate maker said it's sticking with full-year 2016 guidance provided in its second-quarter earnings. Shares were not yet active in premarket trade, but are up 7% in the year so far, while the S&P 500 SPX, +0.69% has gained 4%. -
Hershey’s CEO Announces Plan To Step Down From His Chocolate Throne
Oct 14, 2016 | Consumerist
By Chris Morran
In the town of Hershey, behind huge locked gates and a high wall sits an enormous chocolate company with smoke belching from its chimneys and strange whizzing sounds coming from deep inside. And outside the walls, for half a mile in every direction, the air is scented with the heavy rich smell of melting chocolate! And inside those walls, the reclusive genius behind it all plans to hand over his entire empire to one of five lucky Golden Ticket winners. -
Hershey Co (HSY) CEO John Bilbrey to Retire Next Summer
Oct 14, 2016 | Investor Place
By William White
Hershey Co (NYSE:HSY) Chairman, President and CEO John Bilbrey will be retiring next year. -
Hershey Foods (HSY) CEO John Bilbrey to Retire Next Year; Reaffirms Outlook
Oct 14, 2016 | Street Insider
The Hershey Company (NYSE: HSY) today announced that John P. Bilbrey, Chairman, President and Chief Executive Officer, intends to retire from the company July 1, 2017. Bilbrey will continue as non-executive chairman of Hershey’s Board of Directors following his retirement as President and CEO. -
John Bilbrey to Step Down as Hershey CEO
Oct 14, 2016 | Industry Leaders
By Anna Domanska
Hershey CEO John Bilbrey is preparing to step down by next summer. The Pennsylvania-based global confectionery leader has formed a committee to find a successor. Bilbrey is stepping down to spend more time with his family. He plans to remain nonexecutive chairman on Hershey’s board. -
Bilbrey to retire as president, c.e.o. of The Hershey Co.
Oct 14, 2016 | Food Business News
By Keith Nunes
John P. Bilbrey will step down as president and chief executive officer of The Hershey Co. on July 1, 2017. The company’s board of directors has created a special committee to direct the search for a new c.e.o. Pamela Arway, chair of Hershey’s governance committee, will lead the search. -
The Hershey Company (HSY) Spikes, Begins Search for New CEO
Oct 14, 2016 | Economic Calendar
By Timothy Walker
The Hershey Company (NYSE:HSY) is trading 3.14 percent higher before the opening bell this morning, adding to a 0.74 percent gain seen during yesterday’s regular trading session. The boost arrived on the heels of the company’s announcement that its President, Chairman and Chief Executive Officer, John P. Bilbrey, will be retiring next summer. -
Hershey confirms CEO retirement, backs guidance
Oct 14, 2016 | Seeking Alpha
By Seeking Alpha
Hershey (NYSE:HSY) confirms the retirement of CEO John Bilbrey from the company on July 1, 2017. Bilbrey will continue as non-executive chairman of Hershey’s Board of Directors following his retirement. -
Hershey CEO J.P. Bilbrey 'preparing to step down'
Oct 14, 2016 | Just Food
By Katie Askew
J.P. Bilbrey, the chief executive of US chocolate giant Hershey, is reportedly preparing to stand down "by next summer". -
Hershey CEO J.P. Bilbrey to leave post
Oct 14, 2016 | Confectionary News
By Oliver Neiburg
The Hershey Company has announced John P. Bilbrey will retire from his role as CEO and president, but he will continue as non-executive chairman of the Board. -
Hershey CEO to Retire in 2017
Oct 14, 2016 | AdAge
By Jessica Wohl
Hershey Co. chairman, president and CEO John Bilbrey plans to retire next summer, the company said on Friday. The chocolate maker must now decide who from inside or outside the company will be the next person in charge. -
Hershey CEO John P. Bilbrey announces plans to retire
Oct 14, 2016 | Candy Industry
By Alyse Thompson
John P. Bilbrey, chairman, president and ceo of The Hershey Co., announced Friday he will retire from the company July 1. -
Mondelez (MDLZ) Leaves Door Open to Future Hershey (HSY) Deal After CEO Change
Oct 14, 2016 | TheStreet
Mondelez Int'l (NASDAQ: MDLZ) responded to questions from StreetInsider about if recent changes at The Hershey Company (NYSE: HSY), including today's news that Chairman/President/CEO, John P. Bilbrey, will retire next year, will prompt it to take another look at a merger with the chocolate giant. -
Squawk on The Street
Oct 14, 2016 | CNBC
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Bloomberg Daybreak: Americas
Oct 14, 2016 | Bloomberg TV
View Clip Here: http://app.criticalmention.com/app/#clip/view/24527045?token=655e3899-33b1-4b24-9233-862e059de4ba
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Hershey’s CEO John Bilbrey to retire next year
Oct 14, 2016 | Associated Press
Hershey (HSY) says CEO John Bilbrey plans to retire from the chocolate company next year.
The news comes less than two months after Oreo cookie maker Mondelez ended talks to buy Hershey, in a deal that would have brought together some of the world’s best known chocolate and snack brands. Hershey makes Reese’s peanut butter cups, Kisses and other chocolates and candies.
Bilbrey will retire on July 1, 2017 and stay on as a non-executive chairman. Bilbrey, who is 60, was named CEO five years ago and joined the Hershey, Pennsylvania-based company 13 years ago.
Hershey says its board has created a special committee to direct the CEO search process. The committee will review internal and external candidates.
Shares of The Hershey Co. were up 0.8% to $96.40 at midday.
http://www.usatoday.com/story/money/business/2016/10/14/hersheys-ceo-john-bilbrey/92054480/
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Hershey CEO to retire next summer
Oct 14, 2016 | Financial Times
Big change at the top for Hershey.
The company behind Hershey’s chocolate bars and Reese’s peanut butter cups, said on Friday that John P. Bilbrey will be stepping down as president and chief executive next July.
Mr Bilbrey, who said in a statement that he was leaving to spend more than with his family, will continue to serve as non-executive chairman of the Hershey board following his retirement.
No successor has been named. Hershey said it has formed a committee to find a new chief executive.
The news comes less than three months after Mondelez International abandoned its pursuit of Hershey to create the world’s largest confectionery company, after the producer of Oreo cookies and Cadbury chocolates refused to make an offer high enough to interest its rival.
“I am proud of all that we have accomplished as a team,” said Mr Bilbrey in a statement, adding:
I am confident that the board will identify an outstanding candidate to lead The Hershey Company through this next phase of growth.
I look forward to working alongside the board to make the transition to new leadership a seamless process. Until that time, I will continue to work closely with my management team to grow the business and create additional value for all stockholders.
https://www.ft.com/content/eff9c954-5c1a-3336-bf3f-6560f691e2c0
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Hershey CEO announces he is retiring
Oct 13, 2016 | Reuters
By Reuters
The chief executive of Hershey Co, the chocolate company that Oreo cookie-maker Mondelez International Inc tried to acquire earlier this year, is preparing to step down by next summer, the company said in a release.
The move comes less than three months after the charitable trust that controls Hershey reached a major reform agreement with its overseer, the Pennsylvania attorney general's office, raising questions about its future plans for the company.
Hershey's board of directors is already preparing for the resignation of CEO John Bilbrey, and has formed a committee to find a successor, the people said.
Bilbrey is stepping down to spend more time with his family, one of the people said. He plans to remain non-executive chairman on Hershey's board, that person added.
Bilbrey was named CEO of Hershey in 2011, after serving in various senior roles at the company since 2003. He added the position of Chairman in 2015. Prior to Hershey, Bilbrey worked for 22 years at consumer company Procter & Gamble Co.
Following its initial spurned bid in June, Mondelez CEO Irene Rosenfeld reapproached Bilbrey in August, indicating that Mondelez would be willing to offer $115 a share, Reuters reported at the time.
Hershey responded to that offer saying it would not be willing to enter into deal negotiations for an offer of less than $125 per share.
The Hershey trust was set up by the company's founder over a century ago to fund and run a school for underprivileged children. It holds 81 percent of the company's voting stock, and so a sale is not possible without its approval.
About two-thirds of its $12 billion in assets are in Hershey stock.
Following a dispute with the Pennsylvania attorney general over its governance policy, the trust in July agreed to expand its board from 10 members to 13, and for five members to resign by year's end. With one trustee having resigned shortly before that agreement, that leaves a total of nine openings.
Even if the trust does decide to explore a sale of Hershey, the attorney general can thwart such plans. The trust put Hershey up for sale in 2002, and the attorney general's office successfully petitioned a court to block the offer amid local community protests.
Pennsylvania's attorney general seat remains in flux, with the attorney general Kathleen Kane having stepped down this summer following a criminal conviction. She was succeeded by her deputy, Bruce Castor, and the post is up for election in November.
http://www.cnbc.com/2016/10/14/hershey-ceo-bilbrey-prepares-to-step-down-report.html
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Hershey CEO Bilbrey to retire in July, stay as non-executive chairman
Oct 14, 2016 | Reuters
By Greg Roumeliotis and Lauren Hirsch
Hershey Co, the chocolate maker that Oreo cookie-maker Mondelez International Inc tried to buy earlier this year, said on Friday that Chief Executive John Bilbrey would retire from his post on July 1.
The company's shares were up 1.4 percent in premarket trading.
Bilbrey will continue as non-executive chairman of the board following his retirement as president and CEO, Hershey said.
The Kisses chocolate maker said it appointed a special committee to search for a new CEO. The committee will be led by Pamela Arway, chairwoman of the board's governance committee, aided by executive search firm Egon Zehnder.
The company also maintained its full-year outlook.
Reuters reported exclusively on Thursday that Bilbrey was preparing to step down by next summer.
"Now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren," Bilbrey said in a statement.
The move comes less than three months after the charitable trust that controls Hershey reached a major reform agreement with its overseer, the Pennsylvania attorney general's office, raising questions about its future plans for the company.
The company, which is based in the town of Hershey, Pennsylvania, has a market capitalization of around $20 billion.
Bilbrey was named CEO of Hershey in 2011, after serving in various senior roles at the company since 2003. He added the position of chairman in 2015. Prior to Hershey, Bilbrey worked for 22 years at consumer company Procter & Gamble Co.ALSO IN BUSINESS NEWSChina inflation relief sends global stocks, dollar higherExclusive: Carmakers forced back to bigger engines in new emissions era
Following an initial spurned bid in June, Mondelez CEO Irene Rosenfeld re-approached Bilbrey in August, indicating that Mondelez would be willing to offer $115 a share, Reuters reported at the time.
Hershey responded to that offer by stating it would not be willing to enter into deal negotiations for an offer of less than $125 per share, a source said at the time. The Hershey trust was set up by the company's founder over a century ago to fund and run a school for underprivileged children. It holds 81 percent of the company's voting stock, and so a sale is not possible without its approval. About two-thirds of its $12 billion in assets are in Hershey stock. Following a dispute with the Pennsylvania attorney general over its governance policy, the trust in July agreed to expand its board from 10 members to 13, and for five members to resign by year's end.
With one trustee having resigned shortly before that agreement, that leaves a total of nine openings. Even if the trust does decide to explore a sale of Hershey, the attorney general can thwart such plans.
http://www.reuters.com/article/us-hershey-ceo-idUSKCN12E04D
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Hershey CEO Bilbrey Preparing to Step Down, Reuters Reports
Oct 14, 2016 | Bloomberg
By Bloomberg News
Hershey Co. Chief Executive Officer John Bilbrey is preparing to step down by next summer, the Reuters news agency reported, citing unidentified people familiar with the matter.
The Hershey, Pennsylvania-based chocolate maker’s board of directors is preparing for the resignation and has formed a committee to find a successor, according to the report late Thursday. Bilbrey is stepping down to spend more time with his family, and plans to remain nonexecutive chairman on Hershey’s board, Reuters reported, citing an unidentified person.
Jennifer Sniderman, a spokeswoman for Hershey, didn’t immediately respond to requests for comment after business hours.
Hershey, struggling with shifting consumer tastes and an ill-fated expansion into China, may now have scared away future suitors after it rejected an improved takeover offer from Mondelez International Inc. in August. Turmoil at the Hershey Trust, the nonprofit organization that controls the company, had also hampered merger talks.
Hershey shares rose 0.7 percent to $95.65 by the close of trading in New York on Thursday. The shares have plunged 14 percent since Aug. 29, after it rejected the Mondelez bid.
Its Hershey’s Kisses and candy bars will now face more competition from the spurned suitor. Deerfield, Illinois-based Mondelez is preparing to make its own play for U.S. chocolate consumers by rolling out Oreo-branded candy bars -- already available in some countries overseas -- in an attempt to crack a domestic market where it has little presence.
http://www.bloomberg.com/news/articles/2016-10-14/hershey-ceo-bilbrey-is-preparing-to-step-down-reuters-reports
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Hershey CEO J.P. Bilbrey to Step Down
Oct 14, 2016 | Wall Street Journal
By Austen Hufford
Hershey Co. said Chief Executive J.P. Bilbrey will retire from his post in July, as the candy maker works to adapt to changing consumer tastes.
The move comes just months after Oreo cookie maker Mondelez International Inc. ended its pursuit of the chocolatier after its latestacquisition offer was rebuffed, ending a takeover campaign.
Mr. Bilbrey, 60 years old, joined Hershey in 2003 and became chief executive in 2011. He will remain chairman and the company said it would launch a search for its next CEO.
The leadership shake-up also comes as one of Hershey’s largest shareholders also faces troubles of its own. Hershey is majority-controlled by the Hershey Trust, which benefits a boarding school but is currently in the midst of overhauling its own board of directors following an investigation by state regulators.
The trust has repeatedly vetoed potential deals, and The Wall Street Journal has reported that disagreements with the trust contributed to the departure of Hershey’s two previous CEOs.
Some analysts, meanwhile, view Hershey as unsalable because of the trust and because any deal would also require special approval from the Pennsylvania Attorney General.
Chocolate and candy sales in the U.S. have been pressured by the health-and-wellness push. To adapt, Hershey recently introduced dried meat bars, made from dried meats and a combination of other ingredients such as mangos, cranberries and quinoa. Chocolate has also struggled to become an affordable online product as it needs expensive cooling to keep it cool on the way to consumers’ homes.
The company also reaffirmed its full year outlook.
Shares of the company, which have risen 1.4% in the past 12 months, rose 2% premarket.
http://www.wsj.com/articles/hershey-ceo-j-p-bilbrey-to-step-down-1476445091
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Bank earnings, Fed-speak dominate as US futures soar
Oct 14, 2016 | CNBC
By Matthew J. Belvedere and Peter Schacknow
Only Relevant Portions Included: Hershey (HSY) CEO John Bilbrey is preparing to step down by next summer, according to Reuters. The chocolate maker's board is said to have already formed a committee to find a successor.
http://www.cnbc.com/2016/10/14/bank-earnings-fed-speak-dominate-as-us-futures-soar.html
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Hershey Co. CEO Bilbrey to resign; more turmoil at top of rich charity
Oct 14, 2016 | Philadelphia Inquirer
By Bob Fernandez
Hershey Co. CEO John Bilbrey is stepping down from the iconic Pennsylvania company, even as the firm's controlling shareholder, the $12.5-billion Milton Hershey School for impoverished children, faces its own board-level turmoil.
Bilbrey, 60, told the Hershey Co. board on Thursday that he would resign on July 1, 2017 and the company disclosed the decision on Friday. News of the planned departure comes just weeks after Hershey rejected a takeover from rival Mondelez International Inc. Bilbrey will continue as non-executive chairman after he steps down as chief executive officer and president. The company board hired the executive-search firm Egon Zehnder to look for his replacement.
Erin Lash, senior equity analyst with Morningstar Inc., said on Friday the "most likely" internal candidate to succeed Bilbrey was Michele Buck, who was promoted to executive vice president and chief operating officer at the Hershey Co. in June.
"We still view it as highly unlikely that [Hershey] will pursue a big deal," Lash said. She noted the need by the 2,000-student Hershey School for the cash from Hershey Co. stock dividends to run its educational programs. Debt to close a big acquisition could threaten that Hershey Co. dividend stream.
In a research note on Friday, UBS analyst Steven Strycula wrote that the Hershey Co. faces intensifying competition in the U.S. confection industry and must find a profitable distribution solution for its underperforming China business. Also he wrote in the report: "We believe Hershey needs to outline a more detailed go-forward strategy."
Bilbrey, who joined the Hershey Co. in November 2003 and was compensated $10.8 million in 2015, is leaving a difficult situation.
Hershey declined a $23-billion offer from Mondelez in late August as other candy and food companies -- facing shifting consumer tastes in a low-growth industry -- are busy merging and consolidating operations on a global scale, leading its stock to plunge more than $15.
Mondelez initially bid $107 a share for Hershey stock and then reportedly boosted the offer to $115 a share. On Friday, Hershey stock closed at $96.47, up 82 cents.
Meanwhile, the board of the controlling shareholder in the Hershey chocolate company, the charitable trust that finances the Hershey School, is being reconstituted as part of a settlement with the Pennsylvania attorney general's office. The settlement was reached in late July. The investigation looked into compensation among board members, travel, governance and board tenures.
Five of nine trust board members will resign by next December. Nine new members could join the trust board over the next 18 months, based on the attorney general's settlement. The trust has a voting control of 80 percent of the chocolate company.
The Hershey chocolate company is the biggest asset in the $12.5 billion trust that finances the school, one of the nation's richest child charities.
"Now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren," Bilbrey said.
http://www.philly.com/philly/business/Hershey-CEO-Bilbrey-to-resign-more-turmoil-at-top-of-rich-charity.html
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Hershey Co. CEO to step aside next year
Oct 14, 2016 | PennLive
By Nick Malawskey
Hershey Co. CEO John P. Bilbrey, who was named CEO in 2011, will retire in July of next year, the Hershey Co. said Friday.
He will remain on the Derry Twp.-based chocolate company's board however, as non-executive chairman of the company. The company's board has appointed a special committee to search for a replacement for Bilbrey.
"I have had the privilege of working in consumer packaged goods for more than 35 years and leading The Hershey Co. has been the highlight of my career," Bilbrey said in a statement. "Our iconic brands, remarkable employees and commitment to making a difference in the world has made this a difficult decision for me.
"But now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren."
http://www.pennlive.com/news/2016/10/hershey_co_ceo_to_step_aside_n.html
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Hershey CEO Bilbrey to retire in July; search for successor underway
Oct 14, 2016 | Lancaster Online
By Tim Mekeel
The Hershey Co. said Friday that John P. Bilbrey, its chairman, president and chief executive officer, will retire July 1.
Bilbrey, age 60, will continue as non-executive chairman of Hershey's board of directors following his retirement as president and CEO.
The board has appointed a special committee to direct the search for a new CEO. The committee will review internal and external candidates with assistance from Egon Zehnder, an executive search firm.
Bilbrey joined Hershey in 2003, following senior leadership positions at Mission Foods, Danone Waters of North America and Procter & Gamble.
In May 2011, he was promoted from executive vice president and chief operating officer to president and CEO, succeeding David J. West.
Bilbrey, in a prepared statement, called his years at the helm of Hershey “the highlight of my career.”
He continued: “Our iconic brands, remarkable employees and commitment to making a difference in the world has made this a difficult decision for me. But now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren.”
Bilbrey earned compensation valued at $10.8 million in 2015, according to the Hershey proxy statement. That total included $1.2 million in salary, $6.0 million in stock and stock options, and $1.0 million in incentive plan payments.
Hershey is the nation’s largest candy maker, with 2015 sales of $7.4 billion. Besides its headquarters and plant in Hershey, the company has a Twizzler plant on Running Pump Road in East Hempfield Township.
http://lancasteronline.com/business/local_business/hershey-ceo-bilbrey-to-retire-in-july-search-for-successor/article_c2e539b6-9201-11e6-9ae8-cb1dc49b6c5d.html
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Hershey CEO John P. Bilbrey to retire
Oct 14, 2016 | Central Penn Business Journal
By Roger DuPuis
Hershey Co. President and CEO John P. Bilbrey will retire on July 1, 2017, the Derry Township candy company announced Friday morning.
As part of the company’s succession planning process, the board has appointed a special committee to direct the search for a new CEO.
That committee is led by Pamela Arway, chair of the governance committee. The committee will review internal and external candidates with assistance from executive search firm Egon Zehnder.
Bilbrey, who took over in May 2011, will continue as non-executive chairman of Hershey’s board of directors, a statement indicated. He was elected chairman of the board last year.
Bilbrey's total compensation package last year was $10.8 million, down from $17.7 million in 2014.
"I have had the privilege of working in consumer packaged goods for more than 35 years and leading The Hershey Company has been the highlight of my career," Bilbrey said in a news release.
"Our iconic brands, remarkable employees and commitment to making a difference in the world has made this a difficult decision for me," he added.
"But now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren."
Arway said Bilbrey "has been a great leader for The Hershey Company and we are grateful for his unwavering commitment and many contributions to Hershey’s success during his 13 years with the company."
"Succession planning has always been a top priority for our board of directors, and we look forward to an orderly leadership transition," she said. "We are confident in J.P. and his leadership team and know they will continue to focus on growing the business while upholding Hershey’s great heritage and values as the board conducts a thorough search to identify the right person to lead this company into the future."
http://www.cpbj.com/article/20161014/CPBJ01/161019859/hershey-ceo-john-p-bilbrey-to-retire
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It may be a sweet job, but Hershey CEO is stepping down
Oct 14, 2016 | Business Journals
By Gina Hall
Hershey Co. CEO John Bilbrey, 60, will step down as head of the chocolate company on July 1, 2017, though he is expected to continue to serve as non-executive chairman of the board. The Pennsylvania-based company's shares were up 1.4 percent in premarket trading on the news and are currently trading at $96.50 per share.
The company has appointed a CEO search committee led by Pamela Arway, chairwoman of the board's governance committee, who will receive assistance from executive search firm Egon Zehnder, Reuters reported. Industry analysts believe Hershey’s North America PresidentMichele Buck is a strong candidate to replace Bilbrey, per the Wall Street Journal.
“I am proud of all that we have accomplished as a team,” Bilbrey said in a press release. “I look forward to working alongside the board to make the transition to new leadership a seamless process. Until that time, I will continue to work closely with my management team to grow the business and create additional value for all stockholders.”
Bilbrey was named Hershey (NYSE: HSY) CEO in 2011 after taking on several senior roles at the company since 2003. He added the role of chairman in 2015. Prior to Hershey, Bilbrey worked at Procter & Gamble (NYSE: PG) for 22 years, per Reuters.
Bilbrey’s retirement announcement comes a little more than a month after Mondelez International (NASDAQ: MDLZ) ended its quest to acquire Hershey. Mondelez, the maker of Oreo cookies and Cadbury chocolate, made a $23 billion bid in June. The cash-and-stock proposal equaled $107 per share at the time. Mondelez proposed to rename the new company Hershey and keep its chocolate headquarters in Hershey, Pennsylvania.
Mondelez went so far as to raise the bid to $115 a share, but Hershey demanded at least $125 per share. Hershey currently has a market capitalization of around $20 billion.
Approval of a sale is up to the Hershey Trust, which was set up by Milton S. Hershey over a century ago and currently holds 81 percent of the company's voting stock. The trust has frequently opposed selling Hershey, whose dividends provide it with billions of dollars a year to run a local boarding school, per The Wall Street Journal.
The Pennsylvania attorney general is currently investigating the trust over its governance policy. In July, the trust agreed to expand its board from 10 members to 13 and will require five members to resign by the end of 2016, the WSJ reported in a separate story.
In addition to the retirement news, the company also reaffirmed its full-year 2016 outlook outlined in the company’s second quarter 2016 earnings announcement. At that time, Hershey said it expected 2016 net sales to increase about 1 percent.
http://www.bizjournals.com/bizjournals/news/2016/10/14/it-may-be-a-sweet-job-but-hershey-ceo-is-stepping.html
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Hershey CEO John Bilbrey to retire in July 2017
Oct 14, 2016 | MarketWatch
By Ciara Linnane
The Hershey Co. HSY, +0.88% said Friday that Chief Executive John Bilbrey is planning to retire on July 1, 2017. The board has appointed a special committee to lead the search for a replacement, led by Pamela Arway, chair of its governance committee. The chocolate maker said it's sticking with full-year 2016 guidance provided in its second-quarter earnings. Shares were not yet active in premarket trade, but are up 7% in the year so far, while the S&P 500 SPX, +0.69% has gained 4%.
http://www.marketwatch.com/story/hershey-ceo-john-bilbrey-to-retire-in-july-2017-2016-10-14
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Hershey’s CEO Announces Plan To Step Down From His Chocolate Throne
Oct 14, 2016 | Consumerist
By Chris Morran
In the town of Hershey, behind huge locked gates and a high wall sits an enormous chocolate company with smoke belching from its chimneys and strange whizzing sounds coming from deep inside. And outside the walls, for half a mile in every direction, the air is scented with the heavy rich smell of melting chocolate! And inside those walls, the reclusive genius behind it all plans to hand over his entire empire to one of five lucky Golden Ticket winners.
Okay, so it’s not exactly that dramatic, but Hershey Co. CEO John “JP” Bilbrey has decided it will soon be time to step down from ordering around a bunch of Oompa Loompas and hand that responsibility over to someone else.
The company says that the current plan is for Bilbrey to retire on July 1, 2017, giving the company’s board of directors ample time to weed out all the Augustus Gloops and Veruca Salts before finding a new Charlie Bucket.
The change in leadership in Hershey comes shortly after Mondelez — the horribly named parent company behind brands like Nabisco, Oreo, Ritz, Corn Nuts, Trident, and Tang — dropped its attempt to merge with the Pennsylvania-based chocolate giant to form a candy-coated Voltron.
Hershey has also been trying to expand its portfolio of products beyond those that appeal to the sweet tooth. Just recently, it acquired and added to the Krave line of high-end beef jerky and dried meat bars.
“I am confident that the board will identify an outstanding candidate to lead The Hershey Company through this next phase of growth,” said Bilbrey in a statement, presumably right before breaking into song.
The Wall Street Journal notes that while the failed Mondelez merger might have something to do with Bilbrey’s decision to walk away, a new CEO won’t necessarily make a different merger any more likely to succeed, as the Hershey Trust — which owns around 81% of the company — has historically been reluctant to such deals.
https://consumerist.com/2016/10/14/hersheys-ceo-announces-plan-to-step-down-from-his-chocolate-throne/
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Hershey Co (HSY) CEO John Bilbrey to Retire Next Summer
Oct 14, 2016 | Investor Place
By William White
Hershey Co (NYSE:HSY) Chairman, President and CEO John Bilbrey will be retiring next year.
John Bilbrey is intending to retire from Hershey on July 1, 2017. He will no longer be the CEO or President of the company after this. However, he will remain on as the non-executive chairman of its Board of Directors.
“Now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren,” John Bilbrey said. “I am confident that the board will identify an outstanding candidate to lead The Hershey Company through this next phase of growth.”
Hershey has already started the process of finding a replacement CEO for John Bilbrey. A special committee has been created to take on the task and it is being led by Governance Committee Chair Pamela Arway.
Hershey will be looking at both internal and external candidates in its search for a new CEO. It is also enlisting the help of executive search firm Egon Zehnder for its search. The company is hoping for an “orderly leadership transition,” after John Bilbrey steps down from the CEO position.
“I look forward to working alongside the board to make the transition to new leadership a seamless process, John Bilbrey said in a statement. “Until that time, I will continue to work closely with my management team to grow the business and create additional value for all stockholders.”
http://investorplace.com/2016/10/hershey-john-bilbrey-hsy/
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Hershey Foods (HSY) CEO John Bilbrey to Retire Next Year; Reaffirms Outlook
Oct 14, 2016 | Street Insider
The Hershey Company (NYSE: HSY) today announced that John P. Bilbrey, Chairman, President and Chief Executive Officer, intends to retire from the company July 1, 2017. Bilbrey will continue as non-executive chairman of Hershey’s Board of Directors following his retirement as President and CEO.
“I have had the privilege of working in consumer packaged goods for more than 35 years and leading The Hershey Company has been the highlight of my career,” said Bilbrey. “Our iconic brands, remarkable employees and commitment to making a difference in the world has made this a difficult decision for me. But now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren.”
“I am proud of all that we have accomplished as a team,” Bilbrey continued. “I am confident that the board will identify an outstanding candidate to lead The Hershey Company through this next phase of growth. I look forward to working alongside the board to make the transition to new leadership a seamless process. Until that time, I will continue to work closely with my management team to grow the business and create additional value for all stockholders.”
As part of The Hershey Company’s succession planning process, the board has appointed a special committee to direct the search for a new CEO. The committee is led by Pamela Arway, Chair of the Governance Committee. The committee will review internal and external candidates with assistance from Egon Zehnder, a leading executive search firm.
“J.P. has been a great leader for The Hershey Company and we are grateful for his unwavering commitment and many contributions to Hershey’s success during his 13 years with the company,” said Arway. “Succession planning has always been a top priority for our board of directors, and we look forward to an orderly leadership transition. We are confident in J.P. and his leadership team and know they will continue to focus on growing the business while upholding Hershey’s great heritage and values as the board conducts a thorough search to identify the right person to lead this company into the future.”
The company also reaffirmed its full-year 2016 outlook outlined in the company’s second quarter 2016earnings announcement.
http://www.streetinsider.com/Corporate+News/Hershey+Foods+(HSY)+CEO+John+Bilbrey+to+Retire+Next+Year%3B+Reaffirms+Outlook/12132627.html
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John Bilbrey to Step Down as Hershey CEO
Oct 14, 2016 | Industry Leaders
By Anna Domanska
The move comes less than three months after the Hershey trust that controls Hershey reached a reform agreement with its governance policy, following a dispute with the Pennsylvania attorney general. In July, the nonprofit trust agreed to expand its board from ten members to thirteen, and for five members to resign by the year’s end.
The Hershey trust was set up by Hershey Co.’s founder Milton Hershey, over a century ago to fund and run a school for underprivileged children. It owns 81 percent of the chocolate empire’s voting stock. Hershey’s sale is not possible without the nonprofit trust’s approval. More than two-thirds of its $12 billion in assets are in Hershey stock. It has been in the spotlight since it rejected Mondelez's $23 billion acquisition offer in July 2016.Boardroom Bedlam
Not to mention, Hershey Co. is struggling with the shifting consumer tastes and its disastrous expansion into China. In July 2014, Hershey Co. bought 80 percent stake in Golden Monkey, a Shanghai-based candy-maker. The acquisition helped Hershey expand its distribution in China, but not as much as it had expected. Moreover, it's losing market share to Mars and Ferrero, which is leading to long-term implications. Mars and Ferrero own over fifty percent of China's market. To appeal to the middle-class consumers, Hershey's will have to build brand loyalty first.
Consequently, this may have scared away potential suitors after it rejected an acquisition offer from Mondelez International Inc. in August. Moreover, the boardroom bedlam at the nonprofit organization, Hershey Trust, had interfered with the merger talks.
Hershey’s Kisses and candy bars now face fierce competition from Mondelez. The Deerfield, Illinois-based Mondelez International Inc. is pushing out chocolate of their own after it failed to acquire Hershey Co. Its latest product, Oreo candy bars, is already available in some countries, and will finally come to U.S. stores starting in November.
The chocolate empire, Hershey Co., has a market capitalization of $20 billion. Hershey CEO John Bilbrey was named CEO in 2011, after serving in various senior roles since 2003. He added the position of Chairman in 2015. Prior to Hershey, Bilbrey worked for twenty-two years at Procter & Gamble Co.
https://www.industryleadersmagazine.com/john-bilbrey-step-hershey-ceo/
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Bilbrey to retire as president, c.e.o. of The Hershey Co.
Oct 14, 2016 | Food Business News
By Keith Nunes
John P. Bilbrey will step down as president and chief executive officer of The Hershey Co. on July 1, 2017. The company’s board of directors has created a special committee to direct the search for a new c.e.o. Pamela Arway, chair of Hershey’s governance committee, will lead the search.
“I have had the privilege of working in consumer packaged goods for more than 35 years and leading The Hershey Co. has been the highlight of my career,” Mr. Bilbrey said. “Our iconic brands, remarkable employees and commitment to making a difference in the world has made this a difficult decision for me. But now is the right time to begin the process of handing over the reins as c.e.o. as it will allow me to spend more time with my family and wonderful grandchildren.”
After July 2017, Mr. Bilbrey will remain on Hershey’s board of directors as non-executive chairman.
In addition to announcing Mr. Bilbrey’s pending retirement, the company reaffirmed its full-year 2016 outlook.
http://www.foodbusinessnews.net/articles/news_home/Business_News/2016/10/Bilbrey_to_retire_as_president.aspx?ID=%7B53C5959F-D950-4467-A456-9A41D93FE522%7D
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The Hershey Company (HSY) Spikes, Begins Search for New CEO
Oct 14, 2016 | Economic Calendar
By Timothy Walker
The Hershey Company (NYSE:HSY) is trading 3.14 percent higher before the opening bell this morning, adding to a 0.74 percent gain seen during yesterday’s regular trading session. The boost arrived on the heels of the company’s announcement that its President, Chairman and Chief Executive Officer, John P. Bilbrey, will be retiring next summer.
Effective July 1, 2017, Mr. Bilbrey will no longer serve as President and CEO – but will stay on the board of directors as non-executive chairman. Hershey’s board has selected a special committee to head the search for Bilbrey’s replacement, led by the chair of the company’s governance committee – Pamela Arway. Executive search firm Egon Zehnder will also reportedly help in the search efforts.
Bilbrey began his career as Chief Executive Officer in 2011, after already serving the company in a number of executive positions after entering Hershey in 2003. Before working for the chocolate giant, he worked at Procter & Gamble for more than two decades.
“I have had the privilege of working in consumer packaged goods for more than 35 years and leading The Hershey Company has been the highlight of my career,” said Mr. Bilbrey. “Our iconic brands, remarkable employees and commitment to making a difference in the world has made this a difficult decision for me. But now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren.”
The soon-to-be former CEO told shareholders that he is confident that the board of directors will find an “outstanding” replacement, but will continue to focus on building shareholder value until then. Arway, leading the efforts to find a successor, is looking forward to an “orderly leadership transition.”
Despite its stock price having grown nearly nine percent this year-to-date, shares of Hershey have plunged by 16 percent since peaking in late August – when it rejected a takeover bid from the maker of Oreo cookies. The struggling chocolate seller has been faced with evolving consumer tastes and a less-than-optimal entrance into the Chinese market.
The Hershey, Pennsylvania-based company recently down an acquisition offer from Oreo-maker Mondelez International Inc (NASDAQ:MDLZ), which offered to pay $115 per outstanding share of Hershey stock back in June. Hershey refused to begin negotiations unless talks began at $125 dollar per share. When news of the back-and-forth broke in August, Hershey shares experienced their worst plunge in nearly 14 years.
After Hershey slammed the door in Mondelez’s face, the Oreo owner decided to penetrate the US chocolate market using a different path – Oreo chocolate bars. The Oreo bars are already sold in roughly 20 countries, and will be available to buy in the US starting sometime this month.
“Nowhere is Oreo stronger than in the U.S.,” Tim Cofer, the Mondelez’s Chief Growth Officer. “We think this will drive the mainstream chocolate category in the U.S.”
Mondelez generates approximately $50 billion in chocolate sales in the US, which pales in comparison to its chocolate revenue abroad – which was about $12.9 billion last year. Most of the company’s chocolate income comes from its Toblerone bars.
http://www.economiccalendar.com/2016/10/14/the-hershey-company-hsy-spikes-begins-search-for-new-ceo/
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Hershey confirms CEO retirement, backs guidance
Oct 14, 2016 | Seeking Alpha
By Seeking Alpha
Hershey (NYSE:HSY) confirms the retirement of CEO John Bilbrey from the company on July 1, 2017. Bilbrey will continue as non-executive chairman of Hershey’s Board of Directors following his retirement.
The food giant says the board has appointed a special committee to review internal and external candidates in the search for a new CEO.
In addition to the CEO development, Hershey also reaffirms its full-year 2016 outlook tipped back with its Q2 report.
Shares of Hershey are up 7.2% YTD to easily outperform the PowerShares Dynamic Food & Beverage ETF.
http://seekingalpha.com/news/3213995-hershey-confirms-ceo-retirement-backs-guidance
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Hershey CEO J.P. Bilbrey 'preparing to step down'
Oct 14, 2016 | Just Food
By Katie Askew
J.P. Bilbrey, the chief executive of US chocolate giant Hershey, is reportedly preparing to stand down "by next summer".
Reuters, citing unnamed sources, said the board of directors is already preparing for Bilbrey's resignation. The Hershey board has purportedly formed a committee to find a successor.
Representatives for Hershey were not available for comment at time of press.
It is understood Bilbrey wants to spend more time with his family and plans to remain non-executive chairman of Hershey's board.
Hershey had courted recent controversy with its rejection of a US$22.83bn takeover offer from Mondelez International.
The US chocolate giant is struggling with lacklustre sales in the US. Competition in Hershey's largest market looks set to intensify after Mondelez said it will launch its Cadbury brand in the country and Mars Inc consolidated its candy and chocolate operations into a single unit after buying out Warren Buffett's stake in gum maker Wrigley. Hershey's financial performance has also been hit by disappointing results from its attempt to expand in China.
http://www.just-food.com/news/hershey-ceo-jp-bilbrey-preparing-to-step-down_id134674.aspx
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Hershey CEO J.P. Bilbrey to leave post
Oct 14, 2016 | Confectionary News
By Oliver Neiburg
The Hershey Company has announced John P. Bilbrey will retire from his role as CEO and president, but he will continue as non-executive chairman of the Board.
It comes after the company rejected a $23bn takeover bid from rival Mondelez International earlier this year.
Bilbrey will vacate his current position on July 1, 2017. Hershey has begun the search for his successor.
2016 forecast maintained
The company has reaffirmed its outlook for the full year specified in Q2 results and continues to expect 2016 net sales to increase around 1%.
This was a downgrade from its 1.5% growth forecast made when announcing its Q1 results in April.
Bilbrey - who became CEO in May 2011 - said it has been a difficult decision, but he wanted to spend more time with his family.
He has been with Hershey 13 years in various roles including COO and president, North America. Before joining Hershey, he held positions at Danone, Mission Foods and Proctor & Gamble.
Special Committee
The Hershey Board has appointed a special committee to search for the new CEO, led by the chair of Hershey's governance committee Pamela Arway.
The committee will explore internal and external candidates with help from executive search firm Egon Zehnder.
Hershey Trust
Bilbrey's departure comes as the Hershey Trust - which has 805 voting rights in Hershey - is facing change.
Earlier this year, the Trust said five of nine board members would step down by 2018 under an agreement with the Pennsylvania Office of Attorney General (AG).
It followed criticism of spending patterns by board members. The Board will consist of at least 12 members under the AG deal.
Bilbrey is not a Trust board member, but is non-executive chairman of The Hershey Company board.
http://www.confectionerynews.com/Manufacturers/Hershey-CEO-J.P.-Bilbrey-to-leave-post
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Oct 14, 2016 | AdAge
By Jessica Wohl
Hershey Co. chairman, president and CEO John Bilbrey plans to retire next summer, the company said on Friday. The chocolate maker must now decide who from inside or outside the company will be the next person in charge.
Hershey, which rejected takeover advances from rival Mondelez International this year, has been trying a variety of methods to appeal to changing consumer tastes and snacking habits. In the past two years, Hershey has acquired Krave Pure Foods, the maker of Krave meat jerky, and Ripple Brand Collective, maker of the BarkThins line, to appeal to those looking for different types of snacks. At the same time, Hershey has been simplifying the ingredients in well-known items including Hershey's milk chocolate bars and Kisses.
The company also reaffirmed by its 2016 financial forecasts Friday. In July, the company said it expected sales to rise about 1% this year. Profit is expected to be $3.77 to $3.86 per share, or $4.24 to $4.28 on an adjusted basis that excludes certain items. Hershey is set to report third-quarter results on Oct. 28.
Industry analysts quickly said Chief Operating Officer Michele Buck was the most likely person to get the CEO post. Ms. Buck, who has worked at Hershey since 2005, was promoted in June to COO from president of the company's North American business.
Hershey said its board had appointed a special committee to lead the CEO search, led by Pamela Arway, chair of the governance committee. Executive search firm Egon Zehnder is assisting in the process, which will include internal and external candidates.
Some were were already viewing Ms. Buck as next in line to become CEO. In a June 2 research note, J.P. Morgan analyst Ken Goldman wrote "We would not be surprised if Ms. Buck is being groomed to be the next CEO." At that time, he pointed out that "the last two Hershey managers to be named COO eventually became CEO."
On Friday, Mr. Goldman said that he had spoken with Hershey "and got the sense Ms. Buck is still the leading candidate for the job."
Hershey did not say when it would make a CEO announcement. The change at the top comes as the Hershey Trust, which holds a majority stake in the chocolate maker, is going through its own issues. The trust is reconfiguring its board of directors after reaching a resolution with the Pennsylvania Attorney General's office following concerns over board governance.
Mr. Bilbrey plans to retire July 1, 2017, but remain on the board as non-executive chairman. He has been with Hershey for 13 years and has been president CEO since May 2011, adding the title of chairman in April 2015.
"I have had the privilege of working in consumer packaged goods for more than 35 years and leading The Hershey Company has been the highlight of my career," Mr. Bilbrey said in a statement.
Hershey's total U.S. advertising declined 13.8% to $637 million last year, according to the Ad Age Datacenter. This year, Hershey bet heavily on Olympics advertising during its first summer as a Team USA sponsor.
http://adage.com/article/cmo-strategy/hershey-ceo-retire-2017/306295/
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Hershey CEO John P. Bilbrey announces plans to retire
Oct 14, 2016 | Candy Industry
By Alyse Thompson
John P. Bilbrey, chairman, president and ceo of The Hershey Co., announced Friday he will retire from the company July 1.
Bilbrey, who was named president and ceo in 2011, said he wants to “hand over the reins” to spend more time with his family and grandchildren. He will remain as non-executive chairman of Hershey’s Board of Directors after his retirement.
“I have had the privilege of working in consumer packaged goods for more than 35 years and leading The Hershey Co. has been the highlight of my career,” he says. “Our iconic brands, remarkable employees and commitment to making a difference in the world has made this a difficult decision for me.”
Bilbrey succeeded David J. West, who left to take the top job at Del Monte Foods Co. Since joining Hershey in 2003, Bilbrey has served as executive vice president and chief operation officer. Before joining the company, Bilbrey held executive positions at Mission Foods and Danone Waters of North America, Inc., a division of Groupe Danone, Paris, France. Additionally, he spent 22 years at The Procter & Gamble Co.
“I am proud of all that we have accomplished as a team,” Bilbrey says. “I am confident that the board will identify an outstanding candidate to lead The Hershey Co. through this next phase of growth. I look forward to working with the board to make the transition to new leadership a seamless process.”
Hershey’s board has appointed a special committee to direct the search for a new ceo. Pamela Arway, chairperson of Hershey’s governance committee, heads the search committee. It will review internal and external candidates with help from Egon Zehnder, an executive search firm.
“J.P. has been a great leader for The Hershey Co., and we are grateful for his unwavering commitment and many contributions to Hershey’s success during his 13 years with the company,” Arway says. “Succession planning has always been a top priority for our board of directors, and we look forward to an orderly leadership transition.”
http://www.candyindustry.com/articles/87468-hershey-ceo-john-p-bilbrey-announces-plans-to-retire
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Mondelez (MDLZ) Leaves Door Open to Future Hershey (HSY) Deal After CEO Change
Oct 14, 2016 | TheStreet
Mondelez Int'l (NASDAQ: MDLZ) responded to questions from StreetInsider about if recent changes at The Hershey Company (NYSE: HSY), including today's news that Chairman/President/CEO, John P. Bilbrey, will retire next year, will prompt it to take another look at a merger with the chocolate giant.
Mondelez said after additional discussions, and taking into account recent developments in The Hershey Company’s shareholder base, they determined there is not an actionable path forward. Mondelez said it is confident in their growth strategy and cannot comment beyond that.
The response, while suggesting a deal is not imminent, clearly left the door open to the possibility of a future deal - although they put the ball squarely in Hershey's court.
Below is the response:
We announced on August 29 that we were no longer pursuing a combination with The Hershey Company. After additional discussions, and taking into account recent developments in The Hershey Company’s shareholder base, we determined there is not an actionable path forward. We are confident in our growth strategy and must continue to remain focused on controlling what we can control – including delivery of our 2016 plans.
We’re confident that our advantaged platform positions us well for top-tier performance over the long term. We are one of few industry players positioned to deliver strong, sustainable, growth on both the top and bottom lines… that’s our point of difference.
Beyond that, we cannot comment.
http://www.streetinsider.com/Corporate+News/Mondelez+(MDLZ)+Leaves+Door+Open+to+Future+Hershey+(HSY)+Deal+After+CEO+Change/12133793.html
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Oct 14, 2016 | CNBC
View Clip Here: http://app.criticalmention.com/app/#clip/view/24527060?token=655e3899-33b1-4b24-9233-862e059de4ba
Rough Transcript: i want to mention hershey. John Bilbery the current ceo announcing his intention to step down from that position in july. so a ways from now. they're going to undertake a search, interestingly, though many believe that michelle buck is the expected successor. she's currently the c.o.o. of hershey, ms. buck, but she was not appointed to the ceo position or as his successor, so they are undertaking at least it would appear a search. said by j.p. morgan at least not to be a lock. that certainly appears to be the case. see hershey shares are up. of course this comes after the failed attempt by mondelez to buy the company. Mondelez was at 115, Hershey was saying it would have to be at 125 to even get things going. could there have been a deal done at 120? possibly there could have been most likely, but mr. bilbrey is in a difficult position. anybody who takes the job at hershey is. it's not typical ceo job because you have the trust on one side that essentially controls the company. and you've got your shareholders on the other, and their aims are not aligned. and it's difficult. >> that is important. >> i'm sure that is difficult. >> i read that and said, geez, was this ceo intransigent about wanting to sell and david said, no, it's the trust. >> but as a ceo you can perhaps want to sell, or think it's the right time strategically to look at other options and to explore. but your trust may say no way. the trust itself is in some tumult. getting new members as the end of the year, i believe. a lot of change at hershey including change at the top job. he will remain nonexecutive chairman after july. >> that group has been very challenged this last few quarters, the food group just terrible. and with more for consolidation. i don't know if you've seen campbell's lately but the stock is terrible. >> what stock? >> campbell's. >> oh, yeah. >> general mills not doing that well, kellogg's rumored -- >> always rumored.
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Oct 14, 2016 | Bloomberg TV
View Clip Here: http://app.criticalmention.com/app/#clip/view/24527045?token=655e3899-33b1-4b24-9233-862e059de4ba
Rough Transcript: hershey ceo John Bilbrey is preparing to step down by next summer, bringing fresh upheaval to a company that spurned a takeover offer from Mondelez international this year. Hershey says he will continue as nonexecutive chairman after he retires july first. a special committee will look for a new leader. shares have plunged 14% since late august after the Mondelez bid was rejected.
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