HERSHEY, Pa., May 15, 2003 /PRNewswire-FirstCall via COMTEX/ -- Frank Cerminara, Senior Vice President and Chief Financial Officer, Hershey Foods Corporation (NYSE: HSY) today announced a reorganization of the Corporation's finance function to ensure better alignment with the strategic direction of the business.

R. Montgomery Garrabrant, formerly Vice President and Treasurer, has been named Vice President, Finance -- Marketing and Sales. In this position, he will be responsible for providing finance, accounting, and business analysis support to Hershey's domestic marketing and sales operations. He will also be responsible for financial planning and analysis activities for the Corporation. Garrabrant will continue to report to Cerminara, and he will also provide support to Thomas K. Hernquist, Senior Vice President and Chief Marketing Officer, and David J. West, Senior Vice President, Sales.

Robert J. Mazzoni, Jr., formerly Vice President, Global Sourcing, has been named Vice President, Global Sourcing and Treasurer. He will be responsible for managing corporate liquidity, implementing the appropriate capital structure, and managing the financial risks of the Corporation. This includes commodity hedging and strategic sourcing, which encompasses all spending areas of the Corporation. He will also manage relationships with commercial banks, credit rating agencies, pension managers, and insurance providers. Mazzoni will continue to report to Cerminara.

In this new organizational structure, John A. Stachowiak, Director, Internal Audit, will report directly to Senior Vice President and Chief Financial Officer Frank Cerminara. Previously he reported to the Corporate Controller. This reporting change will ensure more direct input to corporate financial policy and corporate governance matters from the Corporation's Internal Audit leader.

In announcing these appointments, Cerminara said, "Today's complex and competitive business environment requires focused and dedicated financial resources close to the market and the customer. Monte is an excellent leader who has been a top performer in a variety of roles at Hershey. He brings a great deal of experience, skill, and knowledge to this latest assignment.

"Bob has devoted his considerable leadership talents to the task of building world class commodities hedging and strategic sourcing capabilities at Hershey Foods. In his expanded role, he will apply his skills to the Treasury function's responsibility for managing the Corporation's risk in the capital markets.

"John has provided strong leadership for our Internal Audit function for 13 years. His audit skills and understanding of the heightened regulatory environment will continue to serve the Corporation well," Cerminara concluded.

Garrabrant joined Hershey Foods in 1981 as Assistant Controller, Finance, Hershey Chocolate U.S.A. He subsequently served in a series of financial positions with the Corporation, including Manager, Financial Planning and Analysis at Hershey Chocolate U.S.A.; Director, Corporate Financial Planning and Analysis; Controller and Chief Accounting Officer; Vice President, Finance and Administration for Hershey Chocolate North America, and Vice President, Corporate Development and Financial Services. Prior to joining Hershey, he was employed by Philip Morris, U.S.A., and Arthur Andersen, LLP, both in New York City.

Garrabrant holds an A.B. degree, cum laude, in economics from Princeton University and an M.S. in accounting from the New York University Graduate School of Business Administration. He is a Certified Public Accountant, and is a member of the Financial Executives Institute and the American Institute of Certified Public Accountants.

Mazzoni joined Hershey in 1971 holding several financial positions in the Hershey Pasta Group. In the early 1980's, he became Finance Manager for Hershey Chocolate U.S.A.'s Special Markets Group. He subsequently served in a series of positions including Manager, Commodity Administration; Manager, Cocoa Procurement; Cocoa Operations Director; Director, Commodity Operations, and Vice President, Procurement.

Mazzoni is a graduate of King's College with a B.S. in business. He is a member of the New York Board of Trade, and the Cocoa Merchant's Association.

Stachowiak joined Hershey in 1988 as Audit Manager and became Director, Internal Audit in 1989. Prior to joining Hershey, he was employed by Pennsylvania Blue Shield and Coopers & Lybrand in Philadelphia and Harrisburg.

Stachowiak received his BSBA degree in finance and health care management from The Pennsylvania State University in 1979. He is a Certified Public Accountant, Certified Internal Auditor, and Certified Fraud Examiner. His professional memberships include the American and Pennsylvanian Institutes of Certified Public Accountants, the Institute of Internal Auditors, and the Association of Certified Fraud Examiners.

SOURCE Hershey Foods Corporation
Media: Christine M. Dugan of Hershey Foods Corporation, +1-717-508-3238