The Hershey Company Announces That Richard H. Lenny, Chairman, President and CEO, to Retire at End of 2007
The board has begun the succession process and looks forward to making an announcement in the near future. Once announced, there will be an orderly transition from Lenny to his successor.
02/10/07 Richard H. Lenny, Chairman, President and Chief Executive Officer of The Hershey Company, has informed the Board of Directors that he intends to retire at the end of 2007. First elected as President and Chief Executive Officer of the Company in March 2001, Mr. Lenny was elected Chairman of the Board in December 2001.
In commenting on the announced retirement, Robert H. Campbell, Chair of the Company's Compensation and Executive Organization Committee, said: "On behalf of the Hershey board of directors, stockholders, and employees, we thank Rick for his leadership over this past six and one-half years. During this time, the Company developed and has been executing its value-enhancing strategy with the over-arching goal of building stockholder value over the long-term. Under Rick's leadership, through a combination of core brand growth, disciplined global expansion, and improved margins, Hershey's total stockholder return was higher than that of the S&P food group and significantly outperformed the S&P 500. In addition, Rick has assembled an excellent leadership team that we're confident will realize Hershey's growth potential.
"The board has begun the succession process and looks forward to making an announcement in the near future. Once announced, there will be an orderly transition from Rick to his successor. We wish Rick all the best as he concludes his role with Hershey," Campbell concluded.
"My years at Hershey have been extremely rewarding as I've been honored to lead a dedicated and engaged organization. During this time, we undertook major challenges, all focused on building a strong foundation for the benefit of all our stakeholders. I'm extremely proud of my Hershey colleagues and all that they have accomplished. I also want to thank our board of directors for its keen insights, support, and guidance over the past several years," said Lenny. "The long-term prospects for our category and particularly for our company remain promising. I look forward to working closely with my successor so that the transition to new leadership will be effective and seamless."
