The Pennsylvania Attorney General’s office unveiled on Friday the terms of a reform agreement with the charitable trust that controls Hershey Co that includes a 10-year term limit for trustees and limits on their compensation to $110,000.
The deal, as first reported by Reuters last week, requires three trustees, Joseph Senser, Robert Cavanaugh and James Nevels, to step down by the end of the year.
Senser and Cavanaugh have been trustees since 2001, while Nevels has been a trustee since 2007.
Hershey (HSY) Trust Chairwoman Velma Redmond, who joined the trust in 2003, will step down by the end of 2017, along with James Mead, a trustee since 2007.
The Pennsylvania Attorney General’s office will also be given a 30-day window to object to new trustees.