- The Hershey Trust (NYSE:HSY), facing a court date over governance charges, will settle with Pennsylvania's attorney general to resolve its investigation, according to Dow Jones reports.
- That action will include more resignations on its board. Several members of the Hershey Trust board have resigned over the past year, amid a takeover attempt by Mondelez (NASDAQ:MDLZ).
- The attorney general has been probing the trust -- a charitable trust that controls the fate of the Hershey Co. -- for excessive spending and letting board members overstay their terms.
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Updated 5:58 p.m.: Reuters reports that the deal will put 10-year term limits on trustees, with three trustees (Joseph Senser, Robert Cavanaugh and James Nevels) required to step down by the end of this year, and Chairwoman Velma Redmond leaving by the end of 2017 along with James Mead. Trustees' compensation will also be capped.
- Previously: The Hershey Trust may be heading to court (Jul. 14 2016)
- Previously: More disruption with the Hershey Trust (Jul. 11 2016)