Reply #20: Yes, Hershey Used to be Corporate Model.

[JPZenger]

The Hershey Company used to be a model of a good corporate citizen. For many years, they treated their employees very well, and the employees stayed for many decades. The majority of the company stock is still controlled by the Trust, which runs a school and home for 1,500 needy kids. Mr. Hershey donated almost his entire fortune 30 years before he died to operate that school in perpetuity.

In the 1990s, the Trust that controls the company became distant from the intent of Mr. Hershey. Some of the boardmembers became self-serving. The school also wasted millions, and became a giant ATM machine for powerful people. It was only after the Trust board tried to sell the company circa 2002 that the public rose up and a judge became more involved. As a result, the Trust board was reconstituted with more PA. residents, with the intent that the company would not be sold off.

This latest move is an attempt by the Trust Board to take control of the Company. In the past, the Trust let the company operate independently. That worked up until the time the Company's stock value suffered large losses.

I believe the company will get involved in joint ventures with other companies, such as Cadbury, to make profits from overseas sales. However, it is clear that the present boardmembers have no intent of giving up control of the company. There also are some controls in State law that would make it difficult to sell the company.