HERSHEY, Pa. -- Richard H. Lenny, chairman, president and CEO of The Hershey Co., has informed the board that he intends to retire at the end of 2007. First elected as president and CEO in March 2001, Lenny was elected chairman in December 2001. The company also announced that David J. West, currently Hershey's executive vice president and COO, has been named president, CEO and director. West's appointment as president and director are effective immediately. He will assume the role of CEO on Dec. 1, 2007, to ensure an orderly transition.
Lenny will continue [image-nocss] as chairman and as a director until year-end. The board has appointed Robert H. Campbell, member of Hershey's board and chairman of the Compensation & Executive Organization Committee, as non-executive chairman, effective Jan. 1, 2008.
"Dave is a very strong leader with an in-depth knowledge of all aspects of Hershey's business. He has earned the respect of the financial community, Hershey's customers, the company's employees and the board of directors. Dave will work with the management team to ensure the company continues to execute on its value-enhancing strategy and delivers exceptional shareholder value through core brand growth and disciplined global expansion. On behalf of the board, I congratulate Dave on his new role, said Campbell.
"Dave and I have worked closely together for the past six years. During this time, Dave has successfully led numerous parts of our business and clearly understands Hershey's strategic growth drivers. Equally as important, his leadership style reflects a strong sense of collaboration and commitment to people. I'm especially pleased to have Dave as Hershey's next CEO. He is perfectly suited to take the company to the next level and maintain our commitment to delivering superior shareholder value over the long-term. I look forward to working with Dave to ensure a smooth transition, said Lenny.
In his current role, West is responsible for the company's day-to-day operations, including Hershey's North American Commercial Group, International Commercial Group and global supply chain activities.
West joined Hershey in May 2001 as vice president of business planning and development. He was named senior vice president of business planning and development in 2002 and later was promoted to senior vice president and chief customer officer. He was named senior vice president and CFO in 2005.
Prior to joining Hershey, West was senior vice president and CFO of Nabisco Biscuit & Snacks Group, with responsibility for leading the financial function of Kraft Foods' biscuits, confections and snacks businesses. He joined Nabisco as senior cost analyst, Planters/Life Savers Co. in 1987. During his 14-year career with Nabisco, he served as vice president of corporate strategy and business planning and director of investment analysis, among others. He previously held positions in finance and cost accounting with Wearever Proctor-Silex and Unisys.
Campbell retired in June 2000 as chairman and CEO of petroleum refiner-marketer Sunoco Inc., Philadelphia.
Concerning Lenny, Campbell said, 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.
Lenny said, 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. 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.
Hershey is the largest North American manufacturer of quality chocolate and sugar confectionery products. With revenues of nearly $5 billion and more than 13,000 employees worldwide, it markets such brands as Hershey's, Reese's, Hershey's Kisses and Ice Breakers. In the dark and premium chocolate segment, its brands include Hershey's Special Dark, Hershey's Extra Dark and Cacao Reserve by Hershey's. Hershey's Ice Breakers franchise covers a variety of mint and gum flavors and formats. In addition, Hershey leverages its brands, marketplace scale and confectionery and nut expertise to develop and deliver substantial snacks, including Hershey's and Reese's single-serve cookies and brownies, and value-added snack nuts, including Hershey's Milk Chocolate Covered Almonds and Hershey's Special Dark Chocolate Covered Almonds.
Hershey also offers a range of products to address consumer health and well-being. Hershey's and Reese's Snacksters offer consumers snacks in portion-controlled servings, while Hershey's dark chocolate offerings provide the benefits of flavanol antioxidants. In addition, Artisan Confections Co., a wholly owned subsidiary of Hershey, markets such premium chocolate offerings as Scharffen Berger, known for its high-cacao dark chocolate products; Joseph Schmidt, recognized for its fine, handcrafted chocolate gifts; and Dagoba, known for its natural and organic chocolate bars.
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