The board of the Hershey Trust Co. says that Joan Steel is resigning from the group that controls a majority of the voting shares of confectionary maker Hershey Co.
Kent Jarrell, a spokesman for the Hershey Trust Board, said Monday that Steel, a board member since 2012, resigned and did not give a reason. He said the board will seek a replacement but can perform its duties with nine members.
The maker of Reese's chocolates and Hershey's Kisses last month rejected an acquisition offer from Mondelez International that valued the company at $107 per share, about $22.3 billion. Hershey shares traded 72 cents lower at $109.98 on Monday.
The trust, which oversees the majority stake in The Hershey Co., was established to benefit the Milton Hershey School for disadvantaged children.