01—Abstract
Summary
Summary of the 8-K filed September 5, 2024. Cited figures are marked; the original filing is the authoritative source.
The Hershey Company (NYSE: HSY) disclosed that Charles R.
Raup, President, U.S. Confection, informed the company on August 29, 2024 of his intention to retire effective December 31, 2024. Mr. Raup will step down from his President, U.S. Confection role on September 16, 2024, and will assist with the transition of his responsibilities until his retirement. In a press release dated September 5, 2024 (Exhibit 99.1), the company announced that Michael Del Pozzo will be appointed President, U.S. Confection, effective September 16, 2024.
Del Pozzo has a 23-year career at PepsiCo, most recently as President and General Manager of Gatorade, which the release describes as a $10 billiona business. He will join Hershey's Executive Committee and work with the other two business unit leaders, Kristen Riggs (President, Salty Snacks) and Rohit Grover (President, International). The filing is primarily a leadership transition.
It states that the company operates more than 90 brand names in approximately 80 countries generating more than $11.2 billionb in annual revenues, and that the U.S. Confection portfolio includes Hershey's, Reese's and Jolly Rancher. The filing does not disclose financial results or guidance.
02—Key points
Key Highlights
- Charles R. Raup, President, U.S. Confection, will retire effective December 31, 2024, after 15 years at the company, and steps down from his role on September 16, 2024.
- Michael Del Pozzo, formerly President and General Manager of Gatorade at PepsiCo, will become President, U.S. Confection, effective September 16, 2024.
- Del Pozzo spent 23 years at PepsiCo, including leading Gatorade, which the release describes as a $10 billion business, and previously served as Chief Customer Officer for Frito Lay North America.
- Del Pozzo will join Hershey's Executive Committee and work with Kristen Riggs (President, Salty Snacks) and Rohit Grover (President, International).
- CEO Michele Buck said Del Pozzo's consumer insights, customer relationships and track record position him to lead U.S. Confection through its next chapter.
- The company describes its portfolio as more than 90 brand names in approximately 80 countries, generating more than $11.2 billion in annual revenues.
- The filing discloses no financial results or guidance; the Item 7.01 information is furnished rather than filed under Section 18 of the Exchange Act.
03—Questions
Frequently Asked Questions
Why is Charles Raup leaving Hershey?
According to the press release, Raup is retiring after 15 years at Hershey to pursue other executive opportunities. He informed the company of his intention to retire on August 29, 2024, effective December 31, 2024.
Who is replacing Charles Raup and when does the change take effect?
Michael Del Pozzo is appointed President, U.S. Confection, effective September 16, 2024. Raup steps down from that role on the same date and will assist with the transition until his retirement.
What is Michael Del Pozzo's background?
Del Pozzo has a 23-year career at PepsiCo. His most recent role was President and General Manager of Gatorade, which the release describes as a $10 billion business. Earlier, he was Chief Customer Officer for Frito Lay North America and held other PepsiCo leadership roles. His brands at PepsiCo included Gatorade, Propel, Muscle Milk and Evolve.
What does the leadership change mean for the U.S. Confection business?
The release says Del Pozzo will lead Hershey's next phase of U.S. growth for a portfolio that includes Hershey's, Reese's and Jolly Rancher. CEO Michele Buck said he is positioned to build on the company's strengths and advance its Leading Snacking Powerhouse vision.
Does this filing report any financial results?
No. The filing covers a management change and a press release announcing the appointment. It reports no financial results, guidance or other financial metrics beyond the company's description of more than $11.2 billion in annual revenues.
04—Continue