Saturday, August 25, 2012

The Mysterious Management of Tootsie Roll

WSJ:
Tootsie Roll's Chicago headquarters is a modern-day Willy Wonka factory. Massive puffs of steam billow out of humming machines on the roofs of the gray cinder block and red brick buildings, which sit surrounded by off-kilter "no trespassing" signs. The Gordons haven't granted an interview in years. The company declined repeated interview requests, saying "we have opted to use our quarterly earnings releases as a way to provide continuing updates to all business media at once."
Mr. Gordon is currently the oldest CEO of a business listed on the New York Stock Exchange or the Nasdaq Stock Market, according to research company S&P Capital IQ. The company's proxy statement in March lists his age as 92, and his wife's as 80. The three non-Gordon members of the Tootsie Roll board ranged in age from 65 to 74, and at least one other top executive is over 70.
The Gordons have given no hint that they intend to retire and no indication of health problems. "Their age is no concern, none whatsoever," said Jerry Schmutzler, 70, who works the midnight shift in the boiler room of Tootsie Roll's Chicago factory. The company also has plants in four other states, as well as Canada and Mexico.
It is hard to believe it is a publicly traded company.

No comments:

Post a Comment