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Hershey Media Report 10/21/16
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Nelson Peltz: Wall Street is 'unnecessarily' talking itself into a negative environment
Oct 19, 2016 | CNBC
By Antonio Jose Vielma
Brief mention of the rejected bid from Mondelez. Relevant portion highlighted below. -
Moskow: Bilbrey retirement seen as 'logical and orderly next step' for Hershey
Oct 18, 2016 | Food Business News
By Eric Schroeder
The announcement last week that John Bilbrey will step down as chief executive officer of The Hershey Co. was seen as a “logical and orderly next step” for the Hershey, Pa.-based company as it looks to strengthen its case for operating as a stand-alone entity rather than merging with a bigger company, according to an Oct. 14 research report from Credit Suisse. -
Hershey Chief John Bilbrey Will Retire In July
Oct 19, 2016 | Vending Times
By Emily Jed
Hershey Co. chairman, president and chief executive John P. Bilbrey announced that he will retire from the company on July 1, 2017. Bilbrey will continue as nonexecutive chairman of Hershey's board of directors following his retirement. -
Hershey CEO To Step Down. What's Next?
Oct 18, 2016 | Investing.com
By Jesse Boskoff
John Bilbrey, Hershey Company (NYSE:HSY)'s CEO, has announced that he will step down from his position and retire on July 1 before remaining with the famous chocolate manufacturer as a non-executive chairman. He joined the organization in 2003 and was moved into his present position in 2011. -
Egon Zehnder In Hunt for Next Hershey Company CEO
Oct 17, 2016 | Hunt Scanlon Media
By Scott A. Scanlon and Dale M. Zupsansky
Egon Zehnder has been retained by The Hershey Company to lead its search for a new chief executive officer. John Bilbrey said he is resigning next summer from the post he’s held for five years. -
Dreamers of dreams
Oct 17, 2016 | Breakingviews - Reuters TV
By Jeffrey Goldfarb
A shakeup at Hershey may be the best chance yet to melt deep-seated intransigence. Fresh from spurning Mondelez’s $25 billion offer, the U.S. confectioner’s top brass are leaving. The board of the controlling Hershey Trust also faces upheaval. Willy Wonka-like, the chocolate factory just might try some pure imagination. -
Milton Hershey School moves forward with expansion plans
Oct 19, 2016 | ABC27 Harrisburg
By Chris Davis
A controversial plan by a Midstate private school to expand its footprint is moving forward, as administrators plan to start construction next week. The Milton Hershey School has been laying the groundwork for their 32 student home expansion in Dauphin County. -
Fast Money Halftime Report
Oct 19, 2016 | CNBC
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Nelson Peltz: Wall Street is 'unnecessarily' talking itself into a negative environment
Oct 19, 2016 | CNBC
By Antonio Jose Vielma
Trian Fund's Nelson Peltz told CNBC on Wednesday that Wall Street is "unnecessarily" talking itself into a negative environment during a time of prosperity.
"I hear much more negativity than I should be hearing," Peltz said on"Fast Money: Halftime Report." "Earnings have been pretty good, ... revenue is hard to get, but revenue's been hard to get for several years now."
He also said the election is clouding the future. Peltz, who donated $50,000 to Donald Trump's presidential campaign earlier this year, said "it looks like" Hillary Clinton is going to win.
After the donation, a Peltz spokeswoman declined to comment on the presidential race, but noted that Peltz also had given money to the Democratic National Committee this cycle.
Peltz also said the Federal Reserve should not raise interest rates.
"Who can afford more interest? There's not a country in the world that can afford more interest. We certainly don't need any more interest payments," he said.
"I don't know why the hell they're thinking about having an interest rate hike," he added. "I don't think we need a stronger dollar."
Peltz is CEO and founding partner of Trian Fund Management, a hedge fund that has $10 billion in assets under management.
When asked about General Electric, his largest investment, Peltz said it's been a "good performer" since exiting the credit business, and has the "best industrial assets on the planet." The industrial company is coming off its worst quarter in more than two years, posting a 5 percent drop in the period ending Sept. 30. GE reports earnings on Friday.
Regarding one of his former investments, Pepsi, Peltz said he considers his exit to be "a victory." He said the stock increased from about $60 to over $100 during the time he was "an engaged shareholder." He credited Chairwoman/CEO Indra Nooyi for taking $1 billion a year out of its costs for three years in a row. "The company is doing the right thing, and I give all the credit to Indra," he said.
As an independent director of Mondelez, Peltz said the board excercised "a great deal of discipline' in ending discussions of a possible merger with Hershey.
In June, the chocolate maker rejected a takeover bid from Mondelez that would have made the combined company the candy industry's largest player, according to Euromonitor International, passing Mars Inc.
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Moskow: Bilbrey retirement seen as 'logical and orderly next step' for Hershey
Oct 18, 2016 | Food Business News
By Eric Schroeder
The announcement last week that John Bilbrey will step down as chief executive officer of The Hershey Co. was seen as a “logical and orderly next step” for the Hershey, Pa.-based company as it looks to strengthen its case for operating as a stand-alone entity rather than merging with a bigger company, according to an Oct. 14 research report from Credit Suisse.
Additionally, the fact Mr. Bilbrey will stay on board until the summer of 2017 and then continue as a non-executive chairman suggests Hershey is open to hiring someone from outside the company to lead and also indicates that Mr. Bilbrey’s relationship with the board remains strong, wrote Robert Moskow, research analyst with Credit Suisse.
One thing Hershey will need to do, though, is prove that its margins can continue to expand, Mr. Moskow said.
“Two of the bigger concerns we hear about the company is that a) it has fallen behind the consumer packaged goods (C.P.G.) industry in terms of overhead cost controls and b) it has reached a peak in terms of where its gross margin can go,” Mr. Moskow said. “We continue to believe that Bilbrey and his management team will announce a broader cost reduction program to address this issue, especially in international markets. Perhaps the bigger question is the degree to which the company will need to reinvest those savings back into the confectionery category and its expansion into better-for-you snacks to stimulate top-line growth.”
News of Mr. Bilbrey’s retirement also raises questions about the possibility of Hershey and Mondelez International, Inc. rekindling merger talks. On Aug. 29, Mondelez said it had ended discussions with Hershey, but Mr. Moskow indicated in his Oct. 14 report that the long c.e.o. transition period may re-open the door for resumption of talks.
“It is not out of the realm of reason that the two parties could reengage, but we put a low probability on such an outcome,” he said. “Mondelez’s public statement that it is no longer pursuing Hershey means that Hershey’s board and its management team now have a fiduciary responsibility to shareholders to maximize value independently. We believe that they are firmly focused on this task.”
Credit Suisse has forecast Hershey’s earnings-per-share guidance for fiscal 2016 and fiscal 2017 at $4.30 and $4.62, respectively, which compares with e.p.s. of $4.12 in fiscal 2015. Revenue for fiscal 2016 is projected at $7,406.6 million, while fiscal 2017 revenues are forecast at $7,575.2 million, according to Credit Suisse.
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Hershey Chief John Bilbrey Will Retire In July
Oct 19, 2016 | Vending Times
By Emily Jed
Hershey Co. chairman, president and chief executive John P. Bilbrey announced that he will retire from the company on July 1, 2017. Bilbrey will continue as nonexecutive chairman of Hershey's board of directors following his retirement.
Bilbrey, 60, was named Hershey chief executive five years ago. He joined the chocolate giant 13 years ago. Hershey's board has appointed a special committee to direct the search for a new chief executive.
The news comes less than two months after Mondelez ended talks to buy Hershey, in a deal that would have brought together some of the world's leading chocolate and snack brands.
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Hershey CEO To Step Down. What's Next?
Oct 18, 2016 | Investing.com
By Jesse Boskoff
John Bilbrey, Hershey Company (NYSE:HSY)'s CEO, has announced that he will step down from his position and retire on July 1 before remaining with the famous chocolate manufacturer as a non-executive chairman. He joined the organization in 2003 and was moved into his present position in 2011.
Under his leadership, Hershey turned down Oreo cookie maker Mondelez International Inc's (NASDAQ:MDLZ)s attempt to purchase it in August 2016. During the months prior, when speculation of a buyout dominated discussion, Hershey's stock rose, but it immediately deflated after it turned down the final buyout effort. Mondelez would not go above $115 a share, and Hershey refused to accept an offer for less than $125 a share.
However, Hershey's market share did double to $20 billion and its market share did increase from 28 percent to 31 percent during Bilbrey's five years as CEO.
Three months ago, the company's charitable trust, which holds 81 percent of the company's voting stock, and overseer, the Pennsylvania attorney general's office, reached a major reform agreement, indicating that significant changes may be coming.
Part of that is due to significant changes in the trust's board, which is increasing from 10 to 13 members while six of those original 10 board members have recently resigned or will soon do so, creating nine openings on the board. The attorney general's position has been in flux too as Kathleen Kane resigned from her role on Aug. 17 after being convicted on a variety of charges. Bruce Castor took over the role for the next 13 days before Bruce Beemer assumed it. However, his term ends in January.
Any future sale involving Hershey will likely require approval of the state's attorney general.
Bilbrey, who is 60 and is also known as J.P., had replaced David West as CEO after West abruptly left his position following three years in the role to work for Del Monte Foods. West had come under criticism for failing to acquire British candy maker Cadbury in 2010.
Prior to joining Hershey, Bilbrey had worked for McCormick, Mission Foods, Danone Waters and Proctor & Gamble. He earned a bachelor's degree in psychology from Kansas State University in 1978.
Bilbrey is planning to spend more time with his family. However, before he does so, he will, "remain involved with the business with the support of a great management team," which he wrote in an email to the company's employees that announced his impending retirement.
A special committee has been created by Hershey to direct the search process for Bilbrey's replacement, which will involve reviewing both external and internal candidates for the role.
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Egon Zehnder In Hunt for Next Hershey Company CEO
Oct 17, 2016 | Hunt Scanlon Media
By Scott A. Scanlon and Dale M. Zupsansky
Egon Zehnder has been retained by The Hershey Company to lead its search for a new chief executive officer. John Bilbrey said he is resigning next summer from the post he’s held for five years.
As part of the 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, who chairs the company’s governance committee. Insiders and external candidates are all in contention for the top job, including the chocolate maker’s chief operating officer Michele Buck. Her chances of being selected might be improving, according to some talent advisors watching the search closely.
“I am proud of all that we have accomplished as a team,” said Mr. Bilbrey. “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.”
What’s Going On Within Hershey?
The news of Mr. Bilbrey’s departure follows Hershey’s recent rejected takeover attempt by rival Mondelez International. The company declined a $23 billion offer in late August as other candy and food companies — facing shifting consumer tastes in a low-growth industry — are busy merging and consolidating operations. Shortly after, Hershey’s stock fell by more than $15. The stock has traded as high as $118 within the past year; it is now hovering at around $96 per share.
Mr. Bilbrey’s decision to leave also follows on the heels of news that 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. Following a dispute with the Pennsylvania attorney general over its governance policy, the Hershey trust in July agreed to expand its board from 10 members to 13, and for five members to resign by year’s end.
“John has been a great leader and we are grateful for his unwavering commitment and many contributions to Hershey’s success during his 13 years with the company,” said Ms. 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 John 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 Hershey Company, headquartered in Hershey, PA, is a global confectionary leader that markets, sells and distributes its products under more than 80 brand names in approximately 70 countries. It has annual revenues of $8 billion and 22,000 global employees.
Hershey’s Use of Executive Search Firms
Hershey’s choice of Egon Zehnder to lead its most important search in at least a half decade caught some industry watchers by surprise. This past June, Hershey said it had expanded its business relationship with executive search firm Ward Howell International to hunt for new leaders in the U.S., the candy maker’s largest consumer market.
The broadening alliance with Ward Howell, in part, came from a top to bottom review of Hershey’s external search providers, led by the company’s vice president of talent, Chris Scalia. Mr. Scalia had been seeking to improve hiring efficiencies at the company recently and he succeeded by reducing the number of vendors in use — some 22 search firms — down to four global generalists and a handful of specialists. These included Ward Howell, Egon Zehnder, Spencer Stuart, Korn Ferry and ZRG Partners, among others.
Mr. Scalia said in June that all of these providers were “in rotation” and that Ward Howell had risen to chosen “outlier” status among the group given the search firm’s strong 15-year relationship finding talent for Hershey’s in some 25 far flung global markets.
Ward Howell, according to Mr. Scalia, has provided Hershey’s with executives in just about every conceivable function, from head of digital to chief procurement officer, from marketing executive roles to HR leadership positions to finance and audit leaders. The recent culling of executive search providers this past year, called an “optimization opportunity” by Mr. Scalia, is expected to keep Ward Howell as Hershey’s preferred talent provider.
The nod to Zehnder to conduct its chief executive search, said a Hershey source, “is nothing more than a common top down directive taken at the board level.”
Why Consider Outsiders …
Last year, 17 percent of the largest 2,500 public companies in the world changed their CEO, more than in any of the previous 16 years of the ‘CEO Success Study‘ from Strategy&, PwC’s strategy consulting business.
The report found that over the past several years more big companies have been deliberately choosing their new CEO from outside of the company as part of a planned succession, an indication that hiring an outsider has become more of an intentional leadership choice than a necessity.
Outsiders accounted for 22 percent of all CEOs brought in via a planned succession between 2012 and 2015, up from 14 percent in the 2004 to 2007 period, said the report. In addition, almost three quarters of all outsider CEOs were brought in during planned successions during that same period, up from 43 percent in 2004 through 2007.
However, the majority of companies have continued to promote insiders to the CEO position and the study authors think this will remain the preferred succession planning practice (77 percent insiders vs. 23 percent outsiders in 2015). Outsider CEOs have caught up and closed a performance gap that the study previously found between outsider and insider CEOs, possibly strengthening the case for considering a new leader from outside the company.
“Hiring an executive from outside a company to serve as chief executive officer used to be seen as a last resort. That is not the case anymore with the disruptive market-related changes that companies are facing today,” said Per-Ola Karlsson, partner and leader of Strategy&’s organization and leadership practice for PwC Middle East.
While an internal CEO candidate may have an excellent record of achieving the business goals a company has pursued in the past, Mr. Karlsson said boards are recognizing that insiders might actually lack the skills needed to lead and see through the changes necessary to win in the future.
In a recent Mullin International online poll conducted by Greenwich-based Hunt Scanlon Media, ‘Insiders vs. Outsiders: Which Candidate Type Fits Best, and When?’ the survey findings found that promoting from within remains a preferred way for organizations to address their leadership needs. But when executive recruiters are brought in to openly recruit for vacant positions, they are often given mandates to look wide and deep for candidates and that typically results in the search shifting to a hunt for outsiders.
When asked why internal candidates are given preferential treatment for job openings, 40 percent of the respondents said ‘knowledge of the organization,’ followed by ‘sensitive to corporate culture’ (33 percent), and ‘demonstrated potential’ (27 percent). When asked what primary attributes external hires bring, 40 percent of respondents pointed to ‘innovation,’ another 40 percent said ‘change,’ while 20 percent thought that outsiders brought ‘fresh perspective.’ Interestingly, when asked if companies are ‘risk averse’ when it comes to expanding their leadership ranks with outside talent, a third responded that they were.
Does Hershey’s Female Insider Have a Chance? Yes
Globally, the share of incoming women CEOs fell to less than three percent in 2015, the lowest percentage since 2011, according to the PwC report. Just 10 of 359 incoming CEOs in the class of 2015 were women. This is an astoundingly low figure given the global focus that executive recruiters like Egon Zehnder, MWM Consulting, Russell Reynolds Associates, Spencer Stuart and others have put on this problem.
The news was even worse in the U.S. and Canada where the share of incoming women CEOs fell for the third year to the lowest in the study’s history. Surprisingly, there was just one woman among the total 87 incoming CEOs in the U.S. and Canada last year (one percent, compared to four percent in 2014 and over seven percent in 2012).
Female CEOs are more often hired from outside the company than male CEOs are, according to this study. Thirty two percent of all incoming and outgoing female CEOs from 2004 through 2015 were outsiders compared to just 23 percent of males CEOs.
“That women CEOs are more often hired from the outside may be an indication that companies have not been cultivating enough female senior executives in-house,” said DeAnne Aguirre, an advisor to executives on talent and culture with Strategy& and a principal with PwC U.S. “One of the reasons why women may be more likely to be outsiders is that their development is not being recognized within their own organization, and therefore they may be more likely to be attracted away.”
Hershey’s current executive vice president and COO, Michele Buck, who joined the company nearly 12 years ago and ascended to her current post in June, has been pegged as a strong inside contender for the CEO job. She leads Hershey’s day-to-day North American operations as well as the company’s business in Central and South America. Hershey’s global supply chain, sales, marketing, innovation, research & development, and consumer & shopper analytics and insights capabilities all report in to her.
In her prior role as president at Hershey’s, she led the company’s U.S. and Canadian businesses, which account for 85 percent of its annual revenues. She has 25 years of brand management, global marketing and general operating experience at top tier consumer packaged goods companies in addition to Hershey’s, including Frito-Lay, Kraft and Nabisco.
Recruiters are now keeping a watchful eye on her. They say if Ms. Buck is passed over she is likely to become a candidate for another top CEO post somewhere else in short order.
Nevertheless, some still favor outsiders. “Boards of directors following well thought-through succession plans should have a deep bench of strong, internal candidates. However, when the company needs to make transformational changes away from their former strategic and operating plans, boards should factor the ‘outsider option’ into their succession planning,” said Gary Neilson, thought leader on organizational design and leadership with Strategy&, and a principal with PwC U.S.
Outsiders don’t have biases and commitments built up over the years, he said, and they can therefore make changes more objectively. “They also may be able to look at the organization from a broader perspective based on an understanding of what the world will require in the future,” he added.
… When Insiders Might Do
But, according to recruiters focused solely on landing talent for the C-suite, the fact of the matter is that at least half of all job openings are filled by internal candidates before they’re ever introduced to the public job market — suggesting, perhaps, that companies have relatively reliable bench strength even though leadership development is seen as stagnating at many companies.The main reason given: companies prefer to promote from within.
And for those searches that go to recruiters to manage, with a clear mandate to look wide and deep both inside and outside a client organization, internal candidates surface more often than you think, and get the job about 20 percent of the time.
Recruiters say clients generally like to be seen as making bold moves, but at the end of the day many remain risk averse when it comes to hiring elite executives, especially into their highly protected upper leadership ranks. They therefore look at insiders as safer bets. Ms. Buck clearly falls into this category.
Knowing this mindset going in, recruiters say they advise their clients that have an inside candidate who is 70 percent as strong as an outside choice to hire the insider. Fit and culture seem to be the deciding factor.
“There is a greater risk when you bring somebody in from the outside that it won’t work out,” said Kathleen Yazbak, founder of Boston-based Viewcrest Advisors, a boutique search firm focused on finding leadership talent for mission-driven and high-performing companies, social enterprises and philanthropies. Ms. Yazbak is a former recruiter for Heidrick & Struggles, Whitehead Mann, and Ridgeway Partners.
Internal candidates know the business model, organization goals and inside cultures, say recruiters, and oftentimes they have the requisite skills required. They know the customers, clients, and fellow co-workers. They also have established relationships with colleagues and their organization’s leaders — but, more importantly, they have already demonstrated their potential. They can, therefore, assimilate faster and will be likely more satisfied in their new roles than outside hires.
Fierce Competition
Competition for top jobs can be fierce, however, and internal candidates are often put up against all sorts of rivals before given the nod. Spencer Stuart recently assisted in the placement of Mark Pritchett as president and CEO of the Gulf Coast Community Foundation. After a five month search that considered 309 potential candidates, the Foundation and search committee decided to hire from within – selecting Mr. Pritchett to fill its top post after an exhaustive man (and woman) hunt.
External hires, by contrast, typically bring fresh perspective, and most likely bring skill sets not found within the company’s leadership ranks. External hires bring creativity, vision, innovation and change. But, say recruiters, they typically cost more than insiders and may need longer adjustment periods to integrate with other leaders — two things most companies might rather do without.
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Oct 17, 2016 | Breakingviews - Reuters TV
By Jeffrey Goldfarb
A shakeup at Hershey may be the best chance yet to melt deep-seated intransigence. Fresh from spurning Mondelez’s $25 billion offer, the U.S. confectioner’s top brass are leaving. The board of the controlling Hershey Trust also faces upheaval. Willy Wonka-like, the chocolate factory just might try some pure imagination.
The approach from Mondelez, the company behind Oreo cookies and Cadbury Creme Eggs, wasn’t the first takeover attempt Hershey has resisted. In 2002, the charitable trust rejected both chewing-gum maker Wrigley and a joint bid from Nestle and Cadbury Schweppes. After offering $107 a share in cash and stock, Mondelez indicated it might pay $115. Hershey proposed $125. Its stock is now below $97, representing as much as $5 billion in forgone value.
That’s a high bar for Hershey to reach on its own. The company has delivered a respectable 9 percent annualized total shareholder return over the last decade, but candy sales have been slowing globally. Hershey also has fallen short of its own initial forecasts for three consecutive years, according to Goldman Sachs analysts. The company lacks the international presence that a partner like Mondelez could provide.
A new regime will confront these challenges. On Friday, Chairman and Chief Executive John Bilbrey said he plans to retire in July while James Nevels, the lead independent director, told Hershey he wouldn’t stand for re-election. An investigation by the Pennsylvania Attorney General’s office into the trust, which looks after the school established by founder Milton Hershey, has provoked more changes. Five trustees will depart by the end of 2017, and the group will expand from 10 members to 13.
It may be far-fetched to think a town like Hershey, where streetlights are shaped like the chocolatier’s famous Kisses, would install anything but local grandees inclined to keep the operation independent. Yet pushy investors helped break up the MSG sports and entertainment conglomerate closely held by New York’s Dolan family. The insular $40 billion Viacom and CBS empire controlled by Sumner Redstone also has been cracked open from the inside.
In the classic story of “Charlie and the Chocolate Factory,” the whimsical Wonka entrusts his realm to a child. Hershey needn’t go that far, but new leadership should at least consider all the options. One might contain a golden ticket.
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Milton Hershey School moves forward with expansion plans
Oct 19, 2016 | ABC27 Harrisburg
By Chris Davis
A controversial plan by a Midstate private school to expand its footprint is moving forward, as administrators plan to start construction next week.
The Milton Hershey School has been laying the groundwork for their 32 student home expansion in Dauphin County.
They’re at the point now that walls can start going up — walls a lot like the ones Symyra Byrd is used to.
The middle-schooler has lived at MHS for four years.
“We get so many different opportunities when we’re here,” Symyra said. The 12-year-old from Centre County is excited more students like herself will get those same opportunities.
“Cause there’s so many people in this world who don’t really have much,” she said.
To the school, more space means they can serve more underprivileged kids.
MHS president Peter Gurt said the land for the middle school division, which they’ll call the Legacy Campus, is strategic since it connects to another section of student homes.
“I can think of no better purpose than to serve more children who deserve an opportunity at success,” Gurt said.
But it’s been a heavy lift. At a contentious public meeting early last year, community members worried about congestion and property values among other concerns.
Township supervisors approved the plan 3-2.
“I don’t think the people of South Hanover Township were represented tonight,” David Lerch said at the time.
Several people left the meeting upset and disappointed, one woman pointing to the board and telling them they were all fired.
“We’ve listened,” Gurt said Wednesday. “We’ve adjusted our plans to accommodate as many of those concerns as possible.”
The 32 new homes will be built in three phases.
“Barring an unusually harsh winter we should have, a year from now, at least eight homes on this site constructed,” vice president of finance and administration Elliott Robinson said.
Walls will start going up as early as next week. Symyra hopes the 300 new students they’ll house will get the same benefits she has.
“They’re just like family to me and they help me through everything that I struggle with,” she said.
All phases of construction are expected to be finished within about three years.
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Oct 19, 2016 | CNBC
View clip here: http://beta.criticalmention.com/app/#clip/view/24631983?token=05b55e26-5a20-402e-b39e-2b5569488013
Rough transcript: nelson, a couple of quick things. you're on the board of mondolez, and you are limited in what you can say, but are you disappointed the hershe ything didn't happen? >> i'm on the board of mondolez, as you said. i think the board and management used a great deal of discipline in coming to the decision they came to, says and i congratulate them on that. >> they're getting a new ceo. do you have thoughts on that? >> i have no thoughts on that. >>
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