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Hershey Media Report 10/25/16
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Milton Hershey School building 32 new homes for 300 students
Oct 24, 2016 | Associated Press
A central Pennsylvania school for poor children is building 32 more residences in hopes of housing 300 additional students. Construction on the new student homes began Monday at the Milton Hershey School. The construction is part of a goal set by President Pete Gurt to increase the school's enrollment to 2,300 by the year 2020. -
Milton Hershey School building 32 new homes for 300 students
Oct 24, 2016 | WFMZ Allentown
A school for children from lower income families is building 32 more residences in hopes of housing 300 additional students. Construction on the new student homes began Monday at the Milton Hershey School in Dauphin County. The construction is part of a goal set by President Pete Gurt to increase the school's enrollment to 2,300 by 2020. -
Hershey CEO Bilbrey to Turn Over the Reigns to Successor
Oct 24, 2016 | Chief Executive
By Craig Guillot
Reuters reported that CEO John P. Bilbrey is stepping down to spend more time with his family. Bilbrey has served in various senior roles at the company since 2003 and was named CEO in 2011 and also a board member in 2015. Bilbrey worked at Proctor and Gamble Co. for 22 years prior to working for Hershey.
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Milton Hershey School building 32 new homes for 300 students
Oct 24, 2016 | Associated Press
A central Pennsylvania school for poor children is building 32 more residences in hopes of housing 300 additional students.
Construction on the new student homes began Monday at the Milton Hershey School. The construction is part of a goal set by President Pete Gurt to increase the school's enrollment to 2,300 by the year 2020.
The new student homes are being build next to 32 student homes already on the school's newly named Legacy Campus in South Hanover Township. Each student home will be named for a historically significant person or place that played a role in efforts by Milton and Catherine Hershey to develop the 107-year-old school.
The school has slightly more than 2,000 lower-income students in pre-K through 12th grade.
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Milton Hershey School building 32 new homes for 300 students
Oct 24, 2016 | WFMZ Allentown
A school for children from lower income families is building 32 more residences in hopes of housing 300 additional students.
Construction on the new student homes began Monday at the Milton Hershey School in Dauphin County. The construction is part of a goal set by President Pete Gurt to increase the school's enrollment to 2,300 by 2020.
"This historic growth is a milestone for the school as we grow to serve more children from lower income families," Gurt said. "As a proud alumnus, I am grateful to lead the school and to continue to honor the mission that Milton and Catherine Hershey generously created to improve the lives of thousands of people."
The new student homes are being build next to 32 student homes already on the school's newly named Legacy Campus in South Hanover Township.
Each student home will be named for a historically significant person or place that played a role in efforts by Milton and Catherine Hershey to develop the 107-year-old school.
"There was a unique opportunity to thank the individuals who put our mission into practice to change the lives of thousands of young people for the better through the Legacy Campus name," Gurt said. "This name and others that will be introduced in the future will serve as reminders of the places that led to Milton Hershey's accomplishments and the people who worked diligently to further the Hersheys' vision and uphold their legacy."
The project is expected to take about three years to complete.
Founded in 1909, the school has slightly more than 2,000 lower-income students in pre-K through 12th grade.
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Hershey CEO Bilbrey to Turn Over the Reigns to Successor
Oct 24, 2016 | Chief Executive
By Craig Guillot
Reuters reported that CEO John P. Bilbrey is stepping down to spend more time with his family. Bilbrey has served in various senior roles at the company since 2003 and was named CEO in 2011 and also a board member in 2015. Bilbrey worked at Proctor and Gamble Co. for 22 years prior to working for Hershey.
The Wall Street Journal reported that his announcement comes after months of failed negotiations to sell the company to Mondelēz International. Hershey declined a $23 billion offer from Mondelēz at a time when candy companies are merging and consolidating.
The Philadelphia-headquartered company is currently in a complex situation. Philly.com reported that the board of the controlling shareholder, the charitable trust that finances the Hershey School, has voting control of 80% of the company and is being reconstituted as part of a settlement with the Pennsylvania Attorney General’s Office. Five of those nine trust members will resign by December with the possibility for nine new members to join the trust board over the next 18 months.
Philly.com said even if the trust decides to sell the company, those plans can be thwarted by the state attorney general’s office. That seat is also in limbo as the previous AG resigned this summer following a criminal conviction. A deputy is currently serving as the interim attorney general and the post is up for election in November.
Bilbrey will be the third CEO to leave the company in the past decade. The Journal said that two people close to the company’s controlling shareholder said those negotiations may have raised tensions between Bilbrey and members of the board. Official statements from the company said Bilbrey was not under pressure to leave. Meanwhile, Bilbrey noted in a letter to employees that he will remain involved with the business with the support of a great management team. “While there is never a best time for leadership transition, I do believe now is the right time to start the process,” said Bilbrey in the letter.
The Journal reported that the previous CEO stepped down in 2011, in part over a disagreement with the trust over whether to bid for Cadbury PLC. Before him, CEO Richard Lenny resigned in 2007 following clashes with the board. Roger Dennis, dean of Drexel University Law School, told the Journal that the conflicts and current environment makes being a strategic leader “difficult in this context.”
Erin Lash, senior equity analyst at Morningstar, told Philly.com that the “most likely” internal candidate to succeed Bilbrey is executive vice president and COO Michele Buck.
Bilbrey will officially step down on July 1, 2017, but will remain involved with the company as non-executive chairman.
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