Hershey today (13 August) revealed that two of its directors have resigned from the board after a disagreement about the company’s corporate governance structure.
Arnold Langbo and Charles Strauss left the board on Monday after the board ignored their objections over plans to establish a finance and risk management committee.
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Hershey hopes the committee will be responsible for reviewing and monitoring the confectionery giant’s annual plan and certain strategic decisions, including acquisitions and dispositions.
“Langbo and Strauss decided to resign from the board of directors based on their views, expressed before the committee was established, that retaining responsibility for these matters with the board of directors as a whole was a better corporate governance structure for the company,” the group said.
Langbo served as chair of the compensation and executive organisation committee and was a member of the executive committee. Strauss was chair of the audit committee, was a member of the compensation and executive organisation committee and the executive committee.
The board has appointed Robert Cavanaugh, a current independent member of the board, as chair of the compensation and executive organization committee and David Shedlarz, a current independent director, as chair of the audit committee.
Cavanaugh and Shedlarz will also become members of the executive committee.
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By GlobalData
