The trust that controls ownership of Hershey (HSY) forced six directors on the public company’s board to leave. Another two independent directors decided to go with them. In matter of a day, they were all replaced.
The trust blamed the board for the company’s current sorry state. Quoted in The Wall Street Journal, it representative said the trust is "actively engaged in an ongoing process, the goal of which has been to ensure vigorous Company Board focus on resolving the Company’s current business challenges and on implementing new growth strategies."
The trust also recently replaced the company’s CEO.
The entire incident is a silly game made less silly by the fact that Hershey shares have dropped from almost $57 earlier this year to $41, near a 52-week low.
The heart of the matter is that the trust has enough power to have acted at any time. It did not. That cost the company’s other public shareholders dearly.
And, that is the shame of it.
Douglas A. McIntyre
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
