Unhappy with the ongoing poor results of the company, Hershey CO. (HSY) asked six board members to leave the company. In response they all resigned. Two other members also resigned on their own, to bring the total to eight.
All of this looks like they're trying to get things set up for their new CEO, former Chief Operating Officer David West. West was named as the new CEO a day after former Chief Executive Officer Chairman Richard Lenny said he would retire at the end of the year.
In a written statement, chairman of the Hershey Trust board LeRoy S. Zimmerman said, "The Hershey Trust, which is obligated to manage its assets solely for the benefit of Milton Hershey School, a school for children in need, has made clear it has not been satisfied with the Company's recent results.
"We determined to elect new directors to aggressively pursue addressing the company's business challenges."
As of January 1, the company also added that Kenneth Wolfe will begin to serve as nonexecutive chairman.
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