Hershey CEO Bilbrey Announces Plans to Retire

Chocolate giant The Hershey Co. is searching for a new chief executive to replace John P. Bilbrey, who announced Friday that he would retire as president and CEO next summer.

Bilbrey said in a statement that "now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren.”

"I am confident that the board will identify an outstanding candidate to lead The Hershey Company through this next phase of growth," Bilbrey said. "I look forward to working alongside the board to make the transition to new leadership a seamless process."

Bilbrey will continue as chairman of the company's board of directors following his July 1 retirement.

The board already appointed a special committee to conduct the search; executive search firm Egon Zehnder will assist in reviewing candidates.

The transition comes after The Hershey Co. rejected a takeover bid from snacks giant Mondelez.

The announcement also coincides with turmoil amid The Hershey Trust, the company's largest shareholder. Under a settlement with the Pennsylvania attorney general's office earlier this summer, the trust's board will be expanded while five current members will depart by the end of the year.

"We are confident in J.P. and his leadership team and know they will continue to focus on growing the business while upholding Hershey’s great heritage and values as the board conducts a thorough search to identify the right person to lead this company into the future," said Pamela Arway, who leads the search panel.