Word: schooling
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Dates: during 2000-2009
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...Neither the company nor the trust will talk specifically about the possibility of a bid for Cadbury, a decision that appears imminent, but they acknowledge that the needs of the school put the business decisions of the company in an unusual context. Dividends from the candy-company stock provide about 44% of the funding for the school...
...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 has evolved into a coeducational K-12 school, said to be the largest of its kind in the world, serving children from low-income families, particularly those in social need, which the school defines as coming from families afflicted with addiction, mental or physical illness, or incarceration. The majority of students on the 2,600-acre (1,000 hectare) campus are from Pennsylvania, although it accepts students nationwide...
...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...
...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...