Hershey

Then, one week after Mr Lenny announced plans to retire, the trust issued a statement lambasting Hershey for losing more than $1bn in market value and turning in an "unsatisfactory" performance.

Hershey has drifted sideways for years. It is stuck in the mature US market and is losing share to smaller, privately held rival Mars. Juicy acquisition targets have come and gone and it has missed several chances to boost market share with product innovation.

Next on the roster of potential opportunities for Hershey is Cadbury Schweppes (NYSE:CSG), which will become a pure confectionery business once it has finished spinning off its soft drinks operation. Although such a combination would make good business sense, the trust is unlikely to pull the trigger on the UK chocolate maker. Unless it allows some dilution of its ownership stake, the trust would need a highly creative deal structure to avoid overburdening Hershey with debt. Still, Hershey may have time to get its thoughts in order, since Cadbury's demerger of its beverage business could take some months.

The trust's board has cited "many paths" by which Hershey could accelerate growth and still abide by its rules. But, if there are many paths to such success, Hershey's executives have so far either failed to take - or been restricted from taking - advantage of them. Without an acquisition, kick-starting growth at Hershey is likely to require some heavy investment - particularly overseas. Unless the trust affords David West, Hershey's new chief executive, some extra leeway, the company will continue to drift.