Hershey To Cut 300 Jobs, Book $100 Million To $120 Million Pretax Charge

The Hershey Co. unveiled changes to its leadership team along with cost-cutting measures Friday, saying it would shed about 300 jobs by the end of 2015. The chocolate maker said it would book pretax charges of $100 million to $120 million to cover the cuts, equal to 29 cents to 35 cents per share. Chief Financial Officer Patricia Little has been made responsible for corporate development and M&A, with the latter expected to be an important driver for the company. Steven Schiller, regional president for AEMEA, will become president for China and Asia. The company is creating a global leadership team, that will be responsible for growth in emerging international markets. The company expects to generate pretax savings of $65 million to $75 million which will be invested in brand building. Shares were lower in light premarket volumes, but are down 11% in the year so far, while the S&P 500 has gained 3%.