Hershey’s non-executive chairman Kenneth Wolfe has resigned from the board of directors after the Hershey Trust requested that he not stand for re-election.
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The Trust, Hershey’s controlling stakeholder, said that it wanted one of its own representatives to chair the board.
Wolfe, who was the company’s chairman and CEO from 1994 to 2001, had served as non-executive chairman since November 2007.
His resignation is effective immediately.
The Hershey board announced that it has unanimously appointed James Nevels to succeed Wolfe.
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By GlobalData“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 stabilise the company’s performance and to establish a foundation for future growth, and the entire board is deeply grateful for his service.”
