Tootsie Roll Industries Inc. (TR) Stock Higher on CEO Death

Tootsie Roll Industries Inc. (TR) CEO Melvin J. Gordon died at age 95 Tuesday.

Tootsie Roll Industries Inc.The company lamented the passing of Gordon in a release and announced the appointment of his wife as CEO. Ellen R. Gordon will also serve as Chairman of the Board.

Tootsie Roll made the move in accordance with its current succession plan. Ellen has served as a director of the company and President and Chief Operating Officer.

“Melvin’s life represented the very highest values in business, wisdom, generosity, and integrity,” said Ellen. “Tootsie Roll has seen great growth and success during his time as Chairman.”

Gordon was Tootsie Roll’s Board Chair for more than fifty years.

TR stock is up 7% Wednesday afternoon.

More From InvestorPlace

Article printed from InvestorPlace Media,

©2020 InvestorPlace Media, LLC