Hershey: Wolfe resigns, Nevels new Chairman

Hershey / PA. (thc) 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. 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 in April. 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. 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 United States´ 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.

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