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2019 Proxy Statement and 2018 Annual Report

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2019 Proxy Statement and 2018 Annual Report NOTICEOF201ͻANNUALMEETING ANDPROXYSTATEMENT 201ͺANNUALREPORT TOSTOCKHOLDERS May 2ͳ, 201ͻ 10:00 a.m., Eastern Daylight Time GIANT Center 550 West Hersheypark Drive Hershey, Pennsylvania Michele Buck President and Chief Executive Officer April 11, 2019 Dear Stockholder: I am pleased to invite you to The Hershey Company’s 2019 Annual Meeting of Stockholders. Our meeting will be held on Tuesday, May 21, 2019, at 10:00 a.m. Eastern Standard Time. Detailed instructions for attending the meeting and how to vote your Hershey shares prior to the meeting are included in the proxy materials that accompany this letter. Your vote is extremely important to us, and I encourage you to review the materials and submit your vote today. This year we are celebrating the company’s 125th anniversary. We are one of the few Fortune 500 companies that are connecting with consumers as strongly today as we were more than a century ago and that is because, quite simply, we love making the brands that our consumers love. As we celebrate this extraordinary milestone, I am honored to lead a company with teams of people who care about one another and their communities, have deep pride in our incredible portfolio of brands and recognize that as the stewards of this incredible legacy, we are entrusted to build for the future and make the strategic decisions that ensure Hershey is well-positioned for generations to come. As I look back on 2018, the marketplace continues to be dynamic and fast-moving. We have amazing brands in categories that are growing. Consumers continue to snack throughout the day and Hershey is offering more snacking options to satisfy their needs by broadening our product portfolio beyond confection to reflect the changing way people want to snack. In 2018, we again delivered our earnings per share commitment and outpaced our peer set relative to total shareholder return while continuing to invest for future growth. With a 3.7% net sales increase for the full year, our commercial strategies to deliver are working. Our core confection sales and margin trends are improving. We remain the #1 manufacturer in the U.S. confection category from a sales standpoint, but as importantly we have a portfolio of iconic brands that are loved by consumers. Hershey owns 6 out of the top 10 brands in the category, all greater than a half billion dollars in sales. We also rank #2 on the list of the 100 most powerful brands. Our recently acquired snacking businesses – Amplify and Pirate Brands – are growing and delivering against our financial objectives. These two high-growth, high-margin, better-for-you snacking assets demonstrate our M&A capabilities, complement our existing portfolio and enable us to capture incremental consumer occasions. We are confident that we can further build on this momentum in 2019. Last year, we reduced our general administrative costs to enable investment in growth-generating assets and capabilities. We made difficult decisions to reallocate resources to our highest priorities and reorganized every function to achieve greater focus on our commercial objectives. Our SKU rationalization program and pricing actions also are assisting in improving our margins and position us well to make additional progress in 2019. Hershey’s strong cash flow and healthy balance sheet give us the on-going flexibility to invest and deliver long-term shareholder value. In 2018, we continued to invest in additional capacity for our core brands with new Reese’s and Kit Kat® production lines, as well as expanded capacity for IceBreakers Gum and within our distribution network. And our multi-year Enterprise Resource Planning (ERP) initiative is on track and rolling out, enabling our broader digital transformation efforts. We made great progress in our international business this year, which has undergone a broad transformation and delivered strong top and bottom line results that exceeded our growth expectations for 2018. International operating income hit a historic high that beat our previous full-year International record set in 2012. And our transformation in China is moving ahead of expectations and contributing to our strong gross margin improvement. Our International strategy, with a “Hershey’s First” focus on our iconic flagship brand, is working and resulted in solid share gains in our key focus markets. We expect to make continued progress in International in 2019, but at a slower pace given the considerable gains we achieved last year. Foundational to the progress we made in 2018 are the remarkable employees and culture of Hershey – they are the key to our ability to execute and quickly move resources to areas that will have the greatest commercial impact. As the marketplace around us changes, we are making changes with the launch of new behaviors that define how our teams work together to win. We are moving faster, experimenting more and expanding employees’ freedom to operate while retaining our collaborative spirit. We launched our ‘Heartwarming the World’ campaign for the Hershey’s brand, which reminds people how this iconic brand can melt the distance between people. And I am incredibly proud of the launch of our new sustainability strategy, Shared Goodness Promise, and our cocoa strategy called Cocoa For Good, a set of new commitments to sustainable and responsible cocoa. This work will improve lives in communities worldwide. Looking ahead to 2019, we are confident in the plans we are executing. We remain focused on driving long-term shareholder value by delivering balanced top and bottom line growth while investing in differentiated capabilities that will expand our competitive advantage in the future. Thank you for your continued trust in The Hershey Company. We look forward to sharing more details about the year we had, where we are heading in 2019 and celebrating our 125th anniversary together when we see you at the meeting. Michele Buck ____________________ Safe Harbor Statement Please refer to the 2018 Annual Report to Stockholders that accompanies this letter for a discussion of Risk Factors that could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied in this letter to stockholders or elsewhere. This letter to stockholders is not part of our proxy solicitating material. Charles A. Davis Chairman of the Board April 11, 2019 After more than a decade serving as an independent director for The Hershey Company, it was my great honor last year to take on the role of Chairman of the Board. In this role, I am privileged to work with the company’s talented leadership team and our highly seasoned Board of Directors as we continue to guide Hershey’s future success. During my time on the Hershey Board of Directors, I have witnessed the evolution taking place at the company from a U.S.-based chocolate company to a more diversified snacking company with operations in key markets around the world. Since becoming Chief Executive Officer in 2017, Michele Buck has led a broad transformation of the company, focusing the organization against business strategies that address the changing dynamics of consumer eating and shopping habits while investing in the iconic brands that have always made Hershey great. The company’s results in 2018 show that this strategic approach is working. Our core confection exited the year with momentum and the recent acquisitions of Amplify and Pirate Brands are contributing to top and bottom line growth for the company. The success of the international business in 2018 demonstrates that making focused investments and executing solid growth strategies in growing markets play a critical role in delivering strong returns for the company and our investors. The company continues to deliver financial success while living its values and doing business the right way. Last year, Hershey made a number of sustainability commitments and implemented programs that benefit our communities around the world and trace directly to the rich history of Milton S. Hershey and his belief in operating with integrity and for the benefit of society. It is a privilege to serve as Chairman of this great company as we celebrate 125 years of leadership in confection and snacking and bring these beloved brands to markets around the world. I feel good about the progress in 2018 and am confident that the strategic initiatives now in place set up the company for many more years of growth. On behalf of The Hershey Company Board of Directors, I want to thank all of our stockholders for the trust you have put in this iconic company and its leadership. We are in a good position to continue to be a snacking leader that the world looks to with respect and admiration for another 125 years. Charles A. Davis TABLE OF CONTENTS Page NOTICE OF 2019 ANNUAL MEETING OF STOCKHOLDERS PROXY STATEMENT SUMMARY 2019 Annual Meeting of Stockholders ............................................................................................... 1 Voting Matters and Board Recommendations ................................................................................... 1 Our Director Nominees ...................................................................................................................... 2 Governance Highlights ....................................................................................................................... 3 Company Strategy and 2018 Business Highlights ............................................................................. 5 Executive Compensation
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