03/28/2008 02:45 am ET Updated May 25, 2011

Hershey Chief To Step Down From Chocolate Co

Hershey Co. chief executive Richard Lenny is stepping down from the chocolate company.

Mr. Lenny, 55 years old, is said to be frustrated with the trust that controls the Pennsylvania candy maker amidst opportunities for industry consolidation. Hershey, which has been hurt lately by rising ingredient costs and competition from innovative rivals such as Mars, could become a larger force in the confectionery industry if it were to merge with the candy arm of Cadbury Schweppes, which is in the process of spinning off its beverages unit.

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