Board Chair Wolfe Resigns; Nevels Elected to Be Chairman
The Board announced its unanimous election of Director James E. Nevels to succeed Wolfe as non-executive Chairman of the Board of Directors. “Ken Wolfe came out of retirement to serve the company he loves, at an hour when his service was greatly needed,” Nevels said.
17/02/09 The Hershey Company announced that Kenneth L. Wolfe, the Company's non-executive Chairman of the Board of Directors, has resigned from the Company’s Board of Directors effective immediately.
Mr. Wolfe, who was the Company’s Chairman and Chief Executive Officer from 1994 to 2001, served as non-executive Chairman since November 2007. He decided to step down following a request from the Hershey Trust Company, trustee of the Milton Hershey School Trust, the Company’s controlling stockholder, that he not stand for re-election at the Company’s annual meeting of stockholders on April 30, 2009. The Trust indicated that, consistent with the Company’s historic governance model, it wanted to have one of its representatives on the Board serve as Chairman of the Board.
The Board announced its unanimous election of Director James E. Nevels to succeed Wolfe as non-executive Chairman of the Board of Directors. “Ken Wolfe came out of retirement to serve the company he loves, at an hour when his service was greatly needed,” Nevels said. “Ken has helped to stabilize the Company’s performance and to establish a foundation for future growth, and the entire Board is deeply grateful for his service. I aspire to mirror Ken’s excellence in his service to the Board, the Company and all its shareholders. I look forward to working with my colleagues on the Board and with the Company’s management to execute our strategic plan and build upon our recent improving marketplace and financial performance.”
“On behalf of the employees of The Hershey Company, I echo Jim’s gratitude to Ken for his many years of outstanding service,” said David J. West, President and Chief Executive Officer, The Hershey Company. “I have worked with Jim in various capacities for a number of years. Moving forward, we will continue to work to sustain our momentum and build value for all shareholders.”
Nevels has served on the Company Board since November 2007. He also is a director of Tasty Baking Company, the Pro Football Hall of Fame, and the Hershey Trust. Nevels is Chairman of The Swarthmore Group, one of the nation’s largest minority-owed investment-advisory firms, which he founded in 1991. Nevels will be the first African-American Board Chairman in The Hershey Company’s history.
