Hershey Co., the U.S. chocolate maker whose chief executive officer resigned last month, replaced eight of its 11 board members with directors elected by the trust that controls the majority of its shares.
The largest U.S. maker of chocolate named former Chief Executive Officer Kenneth Wolfe as non-executive chairman. The Hershey Trust, which holds 78 percent of the Hershey, Pennsylvania-based company's voting shares, is overhauling the board following four quarters of declining net income and an 18 percent drop in the stock.
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