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October 2007

Monday, October 1, 2007

Hershey’s CEO to Retire

Richard H. Lenny, the CEO, President and Chair of The Hershey Company is calling it quits at the end of the year. He took his current position in 2001.

You can read the press release below, which is obviously geared towards investors and not consumers, because not once does it mention anything good that’s happened since Lenny took over ... a period which saw the addition of PGPR to Hershey’s chocolate, the swapping of real milk chocolate in the Fifth Avenue bar to subpar mockolate and of course their support for the Grocery Manufacturers Association proposal to lower the standards of identity for chocolate (a reversal from their earlier position logged in 2000). Oh, yeah, and the closing of the Smith Falls, ONT and Oakdale, CA along with many smaller factories totalling at least 1,500 people directly.

HERSHEY, Pa., Oct. 1 /PRNewswire-FirstCall/—Richard H. Lenny, Chairman, President and Chief Executive Officer of The Hershey Company, has informed the Board of Directors that he intends to retire at the end of 2007. First elected as President and Chief Executive Officer of the Company in March 2001, Mr. Lenny was elected Chairman of the Board in December 2001.

In commenting on the announced retirement, Robert H. Campbell, Chair of the Company’s Compensation and Executive Organization Committee, said: “On behalf of the Hershey board of directors, stockholders, and employees, we thank Rick for his leadership over this past six and one-half years. During this time, the Company developed and has been executing its value-enhancing strategy with the over-arching goal of building stockholder value over the long-term. Under Rick’s leadership, through a combination of core brand growth, disciplined global expansion, and improved margins, Hershey’s total stockholder return was higher than that of the S&P food group and significantly outperformed the S&P 500. In addition, Rick has assembled an excellent leadership team that we’re confident will realize Hershey’s growth potential.

“The board has begun the succession process and looks forward to making an announcement in the near future. Once announced, there will be an orderly transition from Rick to his successor. We wish Rick all the best as he concludes his role with Hershey,” Campbell concluded.

“My years at Hershey have been extremely rewarding as I’ve been honored to lead a dedicated and engaged organization. During this time, we undertook major challenges, all focused on building a strong foundation for the benefit of all our stakeholders. I’m extremely proud of my Hershey colleagues and all that they have accomplished. I also want to thank our board of directors for its keen insights, support, and guidance over the past several years,” said Lenny. “The long-term prospects for our category and particularly for our company remain promising. I look forward to working closely with my successor so that the transition to new leadership will be effective and seamless.” (source)

If I were in charge, I’d go private. If I were the Hershey Trust, I’d slowly buy the company back. They have (or at least it looks like they have) the capital to do it. Move away from all for the profit business and move to become and socially and ecologically responsible company both in the United States and abroad. Mars has a huge advantage over Hershey’s in that it is privately owned and can take bigger risks when the consumer confectionery market is in flux as it is now.

Hershey’s should get back to making quality confectionery products at affordable prices, pay people a decent wage and the Hershey Trust will be able to continue the Milton Hershey School without problems. After all, the Trust is there to help mold disadvantaged youth - give them the education and boost that they need. Are they really teaching them anything if they abandon the town, communities and ideals that Hershey built?

More at the Wall Street Journal.

POSTED BY Cybele AT 11:27 am     CandyFeatured NewsNewsComments (11)

Reese’s Whipps

Reese's WhippsOh, disappointment.

I had high hopes for the Reese’s Whipps bar. The bar goes something like this: light and fluffy peanut butter flavored nougat wrapped in a layer of peanut butter then coated in mockolate. Okay, I’m not completely certain it is mockolate, as the ingredients include chocolate, but it’s so low on the list, I have my doubts. Especially since they don’t list it as part of the description of the bar and say that this element is “Made with Smooth Chocolate.” Whether it is or not is immaterial because it’s flaky and not that good.

The bar is hefty at 1.9 ounces, just a little smaller than a 3 Musketeers (2.12 ounces) and wrapped in that unmistakable Reese’s orange.

A little blue triangle in the corner heralds that this bar has 40% less fat*. That * leads to the disclaimer that it contains 9 grams of fat versus 15 grams of fat for the average leading chocolate candy brands. I really want to know what they consider the leading chocolate candy brands, which I’m guessing are M&Ms, Reese’s Peanut Butter Cups, Snickers and Hershey Bars. The bar itself has 230 calories. But I’ll rant about that more a bit later.

image

The bar looks just like the wrapper promises. It smells lightly sweet and peanutty. The bite on the bar is soft, not stiff. The nougat inside has an immediate peanut butter flavor to it with a little salt and a kind of molasses darkness.

The peanut butter layer around that gives a little extra peanutty zazz to it. The mockolate adds nothing. It gives no chocolatey contribution to the thing, no creamy component, no milky, buttery texture. It merely contains the other two elements, that are actually pretty good. The only good thing about the glaze is that it’s used sparingly ... it’s ultra thin. You could probably shine a light through it.

Yes, with a good coating of real chocolate (like a 3 Musketeers), this could have been a standout bar.

But I guess my real disappointment is that they’ve grabbed a play from the book of 3 Musketeers and are calling it “lower in fat” without mentioning on the front that it contains pretty much the same number of calories as any other candy bar. I’ve made a little list of the size, calories and caloric density of the leading bars, arranged with the least dense at the top. Pay careful attention to the number of calories though, even if it’s not dense, it’s certainly big:

Candy Bar…..............size in grams….calories/cals per gram
York Peppermint Pattie…....39 grams…................140/3.59
3 Musketeers…..............60.4 grams…..............260/4.30
Reese’s Whipps…............53 grams…................230/4.34
M&Ms Peanut…...............49 grams…................220/4.49
Butterfinger…..............60 grams…................270/4.50
Snickers…..................58.7 grams…..............280/4.77
Reese’s Crispy Crunchy…....48 grams…................230/4.79
KitKat ......................43 grams…................210/4.88
Twix…......................57 grams…................280/4.91
Hersey’s Milk Chocolate…...60 grams…................300/5.00
M&Ms Milk Chocolate .........48 grams…................240/5.00
Reese’s Peanut Butter Cups…51 grams…................260/5.10

It’s pretty clear that the York Peppermint Pattie is the candy to have if you want straight carbs (no fat, no protein). 3 Musketeers does pretty well as does the Whipps, but remember, if there’s no fat and no protein it’s all sugars. While I find sugar to be wonderful, straight sugar doesn’t really provide much long-lasting satisfaction if you’re looking for a snack that’s a treat.

That chart means nothing if you don’t actually like the candy bar though. And this bar proves that Hershey’s does not need the FDA to change the definition of chocolate, they’re free to make a substandard product and try to sell it to us. Yeah, I’m probably been pretty harsh, but this could have been a really good bar.

Shopping Jen found these at WalMart already and has a review posted here. I also saw these this weekend at Walgreen’s (at two for a dollar!), so they’re in the wild now.

Related Candies

  1. Factory Fresh Reese’s Peanut Butter Cups
  2. What Made Hershey’s Want to Change Chocolate?
  3. Reese’s Crispy Crunchy Bar
  4. Head-to-Head: Butterfinger vs. 5th Avenue
Name: Reese's Whipps
    RATING:
  • 10 SUPERB
  • 9 YUMMY
  • 8 TASTY
  • 7 WORTH IT
  • 6 TEMPTING
  • 5 PLEASANT
  • 4 BENIGN
  • 3 UNAPPEALING
  • 2 APPALLING
  • 1 INEDIBLE
Brand: Hershey's
Place Purchased: samples from All Candy Expo
Price: $.75 retail
Size: 1.9 ounces
Calories per ounce: 121
Categories: Mockolate, Peanuts, Nougat, United States, Hershey's, Reese's, Kosher

POSTED BY Cybele AT 6:54 am     Comments (32)

Page 7 of 7 pages ‹ First  < 5 6 7

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