Dive Brief:
- Tootsie Roll Industries CEO Melvin Gordon, 95, died Tuesday after 53 years leading the company.
- Gordon's wife, Ellen Gordon, formerly the COO and company president, has stepped in as the new CEO.
- Following the news on Wednesday, the company's shares surged to $32.99, its largest one-day gain since October 2008.
Dive Insight:
Tootsie Roll appears to be a fairly tight-knit company. Its board has only four members and an average age of 78, the third-highest average age in the Russell 2000 Index, according to Bloomberg. This includes Ellen Gordon, who was reported as 82 years old as of the company's Feb. 28 10-K filing. The Gordons also owned 49% of the company's common shares.
