HERSHEY, Pa. (AP) - Richard H. Lenny, who has struggled to preserve The Hershey Co.'s prominence as the nation's largest candy maker, said Monday that he will retire as chairman, president and chief executive at the end of this year.
'The long-term prospects for our category and particularly for our company remain promising,' Lenny said in a statement issued by the company. 'I look forward to working closely with my successor so that the transition to new leadership will be effective and seamless.'
Lenny has been Hershey's top executive since 2001. Since then, Hershey has announced it will close six U.S. and Canadian plants and cut more than 3,000 workers in the two countries, including up to 900 at its hometown plants. It also plans to shift more production to contractors and a new plant it is building in Monterrey, Mexico.
Hershey's second-quarter profit fell 96 percent as the company spent heavily to transform production lines and revive flat sales, and it also slashed its earning estimate for the rest of the year as its stock price plummeted.
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