Hershey Trust Company
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| Industry | Confectionary, entertainment, education, real estate |
|---|---|
| Founded | April 28, 1905 in Hershey, Pennsylvania |
| Founders | Milton S. Hershey Harry Lebkicher John E. Snyder |
| Headquarters | Hershey, Pennsylvania, USA |
|
Key people
|
Robert Cavanaugh, Chairman |
| Website | hersheytrust |
Hershey Trust Company was incorporated on April 28, 1905, by Milton S. Hershey, Harry Lebkicher and John E. Snyder. The company is majority owner of The Hershey Company and sole private owner of Hershey Entertainment and Resorts Company and administrator of Milton Hershey School.
Contents
History
On April 28, 1905, the Pennsylvania Department of State issued a charter creating the Hershey Trust Company.[1] In 1909, when Hershey founded the Milton Hershey School, Hershey appointed the Trust as administrator of the school trust.
2011 investigation of the Hershey Trust Company
In February 2011, Robert Reese, a former board member and president of the Trust, filed a lawsuit against the Hershey Trust Company alleging that Trust had been improperly using the Trust's money.[2] One particular issue was the purchase of the Wren Dale Golf Course, in which the Hershey Trust overpaid for the property, to the benefit of board members who were both owners of the Wren Dale Golf Course and on the Hershey Trust board.[3][4] Reese withdrew the lawsuit in April 2011, due to deteriorating health. Reese suggested the Attorney General of Pennsylvania had enough cause to investigate the Hershey Trust.[5]
In 2013, Kathleen Kane, the Attorney General of Pennsylvania, announced the conclusion of a two year investigation into the operations of the Hershey Trust Company, in which the Office of Attorney General and the Hershey Trust Company agreed that there was a finding of no wrongdoing, but reforms were required of the trust company.[6][7]
Entities of the Milton Hershey School Trust
Entities of the Milton S. Hershey Foundation
- The Hershey Story museum
- Hershey Gardens
- Hershey Theatre
- Hershey Community Archives
- Hershey Cemetery
- Penn State Milton S. Hershey Medical Center was created through a gift from the MS Hershey Foundation using funds provided by the Milton Hershey School Trust.
References
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External links
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