Kelly resigns from Hershey board of directors

Hershey Co., maker of the namesake chocolate bars, said Monday Edward J. Kelly III has resigned from its board, effective Feb. 22, due to a greater workload at his job.

Kelly was recently named president of Citi Alternative Investments at financial services provider Citigroup Inc.

Nine directors remain on the board, a Hershey spokesman said, adding that he had no information on whether the company intends to seek a replacement for Kelly.

Hershey executives recently announced that the company would need to raise wholesale prices on about one-third of its domestic product line, including its standard bar, king-size bar and six-pack lines, after coming off a fourth quarter in which profits nosedived a whopping 65 percent.