John P. Bilbrey Named President and Chief Executive Officer of The Hershey Company; Elected to the Hershey Board of Directors

The Hershey Company (NYSE: HSY) today announced John P. Bilbrey as President and Chief Executive Officer and a Director of the Company, effective immediately.

"J.P. has the experience, deep industry knowledge and the right skills to lead Hershey’s growth as it continues to evolve into a global company,” said James E. Nevels, Chairman of the Board of Directors. "Over the years, J.P. has built a very effective relationship with the Board as well as with the various Hershey communities and constituencies. He has earned the respect of Hershey’s customers, employees and stockholders and the confidence of this Board. In determining how to best fill this position, the Board unanimously concluded that J.P. is the right person to continue as President and CEO and to lead the Company into the future.”

Commenting on his role, Bilbrey said, "It is a unique privilege to lead The Hershey Company. Hershey has iconic brands, exceptional people, unmatched capabilities and enormous potential. I’m very grateful for the Board’s confidence, and we are fully aligned on how to move the Company forward. Our Company is structured for global growth, and I look forward to building on our recent performance, consistent with Hershey’s great heritage and values.

"We’re very satisfied with our performance year-to-date, as we continue to grow market share and build on our seasonal leadership. As a result, we’re on track to deliver on our financial commitments and expect 2011 net sales, including the impact of foreign currency exchange rates, and adjusted earnings per share-diluted growth, to be around the top of the Company’s long-term 3 to 5 percent and 6 to 8 percent objectives, respectively.

"I want to thank the employees of The Hershey Company for their support, commitment and hard work. There has never been a better time to be part of the Hershey team. I look forward to working together to realize the opportunities ahead of us.”

Bilbrey has more than 30 years of global consumer packaged goods experience. He was named Hershey’s interim President and Chief Executive Officer in May 2011. Bilbrey was named Chief Operating Officer in November 2010 with responsibility for day-to-day global operations and commercial activities, leading the Company's supply chain as well as geographic regions, including the U.S.A., the Americas and Asia. From December 2007 to November 2010, he was Senior Vice President, President, Hershey North America. Bilbrey played a key leadership role in the Company's turnaround as well as in the creation and implementation of the Company's confectionery demand landscape and establishment of Hershey's presence in markets around the world.

Bilbrey joined Hershey in 2003 as Senior Vice President, President Hershey International. Before joining Hershey, Bilbrey held executive positions at Mission Foods and Danone Waters of North America, Inc., a division of Groupe Danone, Paris, France. He was responsible for all operations of Groupe Danone's North American water division. Additionally, he spent 22 years at The Procter & Gamble Company where he served in positions of increasing responsibility in both the U.S. domestic business as well as numerous international assignments. He has lived abroad and worked in more than 50 countries in North America, Latin America, North Africa and Asia.

Note: In this release, Hershey references income measures which are not in accordance with U.S. generally accepted accounting principles (GAAP) because they exclude business realignment and impairment charges. These non-GAAP financial measures are used in evaluating results of operations for internal purposes. These non-GAAP measures are not intended to replace the presentation of financial results in accordance with GAAP. Rather, the Company believes exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations.

In 2010, the Company recorded GAAP charges of $53.9 million, or $0.14 per share-diluted, attributable to the Project Next Century program. Additionally, in the second quarter of 2010, the Company recorded a non-cash goodwill impairment charge of $44.7 million, or $0.20 per share-diluted, related to the Godrej Hershey Ltd. joint venture. In 2011, the Company expects to record total GAAP charges of about $45 million to $55 million, or $0.13 to $0.16 per share-diluted, attributable to Project Next Century. Below is a reconciliation of GAAP and non-GAAP items to the Company’s 2010 adjusted earnings per share-diluted and projected adjusted earnings per share-diluted for 2011:

Safe Harbor Statement

This release contains statements that are forward-looking. These statements are made based upon current expectations that are subject to risk and uncertainty. Actual results may differ materially from those contained in the forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: issues or concerns related to the quality and safety of our products, ingredients or packaging; changes in raw material and other costs; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; disruption to our supply chain; failure to successfully execute acquisitions, divestitures and joint ventures; changes in governmental laws and regulations, including taxes; political, economic, and/or financial market conditions; risks and uncertainties related to our international operations; disruptions, failures or security breaches of our information technology infrastructure; the impact of future developments related to the investigation by government regulators of alleged pricing practices by members of the confectionery industry, including risks of subsequent litigation or further government action; pension cost factors, such as actuarial assumptions, market performance and employee retirement decisions and funding requirements; the ability to implement our supply chain realignment initiatives within the anticipated timeframe in accordance with our cost estimates and our ability to achieve the expected ongoing annual savings from these initiatives; and such other matters as discussed in our Annual Report on Form 10-K for 2010. All information in this press release is as of June 15, 2011. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

About The Hershey Company

The Hershey Company (NYSE: HSY) is the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confectionery. Headquartered in Hershey, Pa., The Hershey Company has operations throughout the world and more than 13,000 employees. With revenues of more than $5 billion, Hershey offers a wide range of confectionery products, including such iconic brands as Hershey’s, Reese’s, Kisses, Hershey’s Bliss, Special Dark, Hershey’s Syrup, Kit Kat, Twizzlers, Ice Breakers, PayDay and Jolly Rancher. Hershey also is a leader in the premium and artisan chocolate segments, with such brands as Scharffen Berger and Dagoba, offered through the Artisan Confections Company, a wholly owned subsidiary. The company is focused on growing its presence in key international markets in Asia and Latin America while continuing to build its position in the United States.

Corporate Social Responsibility is an integral part of the company’s global business strategy, including goals and priorities focused on fair and ethical business dealings, environmental stewardship, fostering a desirable workplace for employees, and positively impacting society and local communities. Milton Hershey School, established in 1909 by the company’s founder and administered by Hershey Trust Company, provides quality education, housing, and medical care at no cost to children in social and financial need. Students of Milton Hershey School are direct beneficiaries of The Hershey Company’s success. Visit us at www.hersheys.com.