'Hershey' Major Shareholder Sells Portion of Multi-Trillion Won Stake... School Trust Restructures Holdings

Hershey Trust Co., the controlling shareholder of The Hershey Company (NYSE: HSY), executed three separate on-market sales of approximately 70,000 shares of the company’s common stock on April 16–17, April 20–22 and May 4–6. As a result, the trust’s direct common-stock holdings fell from roughly 1.84 million shares to 1,696,119 shares, generating total proceeds of about US$14 million (approximately KRW 20 billion). Nevertheless, the trust still retains an economic interest in Hershey valued at around US$10.5 billion (mid-KRW 14 trillion range), including approximately 54.61 million Class B shares and certain indirect holdings, making this sale only a modest adjustment to its overall stake.

On April 30, Hershey reported first-quarter 2026 results, with revenues and earnings surpassing market expectations thanks to price increases and strong snack demand, and reaffirmed its full-year 2026 revenue and profit outlook. On the same day, the board approved a quarterly dividend of US$1.452 per common share and US$1.320 per Class B share, and separately disclosed that Andrew Aschambo, President of U.S. Operations, will depart the company effective May 1.

Headquartered in Hershey, Pennsylvania, The Hershey Company is a global chocolatier and snack manufacturer supplying chocolate, candy and snack products worldwide, primarily across North America. Hershey Trust Company, trustee of the Milton Hershey School Trust established under founder Milton Hershey’s wishes, holds about 80% of the company’s voting power through Class B shares and has managed its long-term stake to fund school operations.