Word: board
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Dates: during 2000-2009
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...After a series of bad years for Hershey, however, the trust board briefly toyed in 2007 with the idea of selling its stock to Wrigley, famous for its chewing-gum brand, but backed down within hours of closing the deal. State and federal authorities had tried to block the sale, in part because of concerns about the size of a combined Wrigley-Hershey company. Residents of the town of Hershey, meanwhile, expressed outrage and even convinced a local judge to delay the sale, saying it would cause "irreparable harm" to the community...
...Board members had argued the sale was necessary to diversify the school's funding base, since slumping profits at the candy company could have far-reaching effects on the school's funding. The failure of that sale appears to have led the trust board to take a stronger role in the direction of the Hershey company, leading quickly to the resignation of CEO and Chairman Richard H. Lenny. Weeks later, the trust board forcibly replaced six of the 11 Hershey board members...
...possible purchase of Cadbury, a famous British candy brand, has been on the trust board's agenda ever since. The two companies already had a relationship, with Hershey acting as Cadbury's U.S. distributor. Cadbury had even considered buying Hershey when the trust first put it up for sale...
...long-term consequences of such a merger will weigh heavily on the trust-board members since they must consider how it will affect their bottom line far into the future. Outbidding Kraft for Cadbury would force the company to take on a mountain of debt, analysts say, which could damage Hershey's strong credit rating. And raising that money could force the company to issue new stock, potentially diluting the control the trust enjoys...
Abdelnasser A. Rashid ’11-’12 is a social studies concentrator in Dunster House. He is a board member of the Harvard College Palestine Solidarity Committee...