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HSY > SEC Filings for HSY > Form 8-K on 26-Apr-2013All Recent SEC Filings

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Form 8-K for HERSHEY CO


Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On April 24, 2013, The Hershey Company (the "Company") announced several changes to its global leadership team, including certain individuals who were named executive officers in the Company's 2013 proxy statement. All changes are effective May 13, 2013.

Humberto P. Alfonso, currently Executive Vice President, Chief Financial Officer and Chief Administrative Officer, will become President, International.

Michele G. Buck, currently Senior Vice President, Chief Growth Officer, will become President, Hershey North America.

Terence L. O'Day, currently Senior Vice President, Global Operations, will become Senior Vice President, Chief Supply Chain Officer.

David W. Tacka, currently Vice President, Special Projects, will become Senior Vice President, Chief Financial Officer. Mr. Tacka, 59, has held his current position since July 2012. From February 2004 to July 2012, he was the Company's Vice President, Chief Accounting Officer.

There were no changes to the compensation of Mr. Alfonso, Ms. Buck or Mr. O'Day as a result of their new roles. Upon his promotion to Senior Vice President, Chief Financial Officer, Mr. Tacka's annual base salary ("base salary") will be $500,000, his 2013 contingent target award level under the annual incentive program (called the "One Hershey Incentive Program") of the Company's Equity and Incentive Compensation Plan ("EICP") will be 70% of his base salary and his 2013 contingent target award level under the long-term incentive program ("LTIP") of the EICP will be 150% of his base salary. Mr. Tacka also will be awarded non-qualified stock options valued at $172,547 and 2,375 contingent target performance stock units for the 2013-2015 performance cycle. Finally, the Committee extended a 2007 arrangement exempting Mr. Tacka's benefit under the Company's Supplemental Executive Retirement Plan from the 10% reduction otherwise applicable to participants age 50 and over on January 1, 2007. The exemption was scheduled to expire on September 10, 2013, Mr. Tacka's 60th birthday. Additional information regarding the Company's executive compensation program, including information about the One Hershey Incentive Program, LTIP and the Supplemental Executive Retirement Plan, can be found in the Company's 2013 proxy statement.

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