Non-executive chairman Kenneth Wolfe has stood down at chocolate giant Hershey following a request from the company's controlling stockholder, the Hershey Trust.
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.
Wolfe, the company's chairman and CEO from 1994 to 2001, had served as non-executive chairman since November 2007. He will be replaced by James Nevels, Tasty Baking, the Pro Football Hall of Fame, and the Hershey Trust.
The Hershey Trust is an independent trust founded in 1905 by Milton Hershey. The stock of Hershey Trust is wholly owned by the Milton Hershey School Trust.
According to the Trust, from Milton Hershey’s original funding of 486 acres of land and $60 million in Hershey Chocolate company stock, the School Trust’s assets today exceed $7 billion.