The chief executive of Hershey Co, the chocolate company that Oreo cookie-maker Mondelez International Inc tried to acquire earlier this year, is preparing to step down by next summer, the company said in a release.
The move comes less than three months after the charitable trust that controls Hershey reached a major reform agreement with its overseer, the Pennsylvania attorney general's office, raising questions about its future plans for the company.
Hershey's board of directors is already preparing for the resignation of CEO John Bilbrey, and has formed a committee to find a successor, the people said.
Bilbrey is stepping down to spend more time with his family, one of the people said. He plans to remain non-executive chairman on Hershey's board, that person added.
Bilbrey was named CEO of Hershey in 2011, after serving in various senior roles at the company since 2003. He added the position of Chairman in 2015. Prior to Hershey, Bilbrey worked for 22 years at consumer company Procter & Gamble Co.
Following its initial spurned bid in June, Mondelez CEO Irene Rosenfeld reapproached Bilbrey in August, indicating that Mondelez would be willing to offer $115 a share, Reuters reported at the time.