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