Tags: melvin gordon | tootsie roll | ceo | dies

Tootsie Roll CEO Melvin Gordon Dies at 95; Wife to Take Over Company

By    |   Wednesday, 21 Jan 2015 06:05 PM

Tootsie Roll Industries Inc. CEO Melvin Gordon died Tuesday at age 95, and his wife, Ellen Gordon, will take over leadership of the company.

The news led investors to speculate about a possible sale of the Chicago-based company, sending shares higher.

Ellen Gordon, previously the company’s president and chief operating officer, is in her 80s. The couple were married for 65 years.

Melvin Gordon led the company since 1962.

"There's been speculation for years that it's going to be sold," Timothy Chen, an analyst at Rhone Trading Partners, told Reuters of Tootsie Roll Industries.

Warren Buffett's Berkshire Hathaway Inc. is a possible suitor, added Elliott Schlang, managing director of the Great Lakes Review.

The company’s products include Tootsie Rolls, Junior Mints, Dots, Dubble Bubble, and Sugar Daddy.

More than 50 percent of Tootsie Roll shares are owned by Melvin and Ellen Gordon and a nephew, Fortune reported. That tight control helped the company weather candy mergers, which included the Mars Inc. purchase of Wm. Wrigley Jr. Co. in 2008 and Kraft’s purchase of Cadbury in 2010.

"We don’t see the advantage of being part of a larger company," Melvin Gordon told the Chicago Sun-Times in 2008. "We’re the only fairly family-run company left. Most have been swallowed up by bigger companies."

Melvin Gordon took over leadership of the company in 1962 after his father-in-law stepped down.

Twitter users were sad to see Gordon's death being used for business gain. Others were just sad to see him go.







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Tootsie Roll Industries Inc. CEO Melvin Gordon died Tuesday at age 95, and his wife, Ellen Gordon, will take over leadership of the company.
melvin gordon, tootsie roll, ceo, dies
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2015-05-21
Wednesday, 21 Jan 2015 06:05 PM
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