Word: hershey
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...Milton Hershey and his wife Catherine, who never had any children of their own, founded the school in 1909, originally to serve orphaned boys. In 1918, after his wife's death, Hershey gave his entire personal fortune, about $60 million, to the school, then known as the Hershey Industrial School...
...school now has assets worth more than $6 billion, but the prize of its collection is the huge bloc of stock in the Hershey company...
...Several of the historic food companies in the U.S., including Kellogg's and Campbell's Soup, have associated charitable trusts that own some stock, but none come close to rivaling Hershey in terms of the close financial entanglement of the company and the founder's philanthropic foundation...
...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...
...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...