Internship Timeline, 2015
April 13: Board chairman Robert Cavanaugh asks Eric Henry, the chief executive in the Hershey Trust Co., the bank that manages the charity's assets, about looking for a finance-industry summer internship for his son. Henry emails Legato Capital Management L.L.C. in San Francisco, which manages $25 million in Hershey assets.
April 13: Board chairman Robert Cavanaugh asks Eric Henry, the chief executive in the Hershey Trust Co., the bank that manages the charity's assets, about looking for a finance-industry summer internship for his son. Henry emails Legato Capital Management L.L.C. in San Francisco, which manages $25 million in Hershey assets.
April 15: A Legato top executive asks for the resumé of Cavanaugh's son.
April 16: Henry emails the resumé to Legatos. He also emails the resumé to John K. Milne, chief executive of JKMilne Asset Management. The Milne firm manages $584 million in Hershey charitable assets. Milne sends Cavanaugh's son an email saying he has his resumé.
April 21 or 22: Milne interviews Cavanaugh's son.
April 23: Milne offers an internship.
April 29: Legato makes a competing offer.
May 5: Cavanaugh's son accepts Milne's offer for a summer internship, which pays $26.44 an hour.
May 26: Cavanaugh's son begins the internship.
June 7: Cavanaugh informs a Hershey Trust vice chairman, retired Lt. Gen. Richard Zilmer, of the internship.
July 1: Weil, Gotshal & Manges is hired by the Hershey Trust board to investigate the internship.
Aug. 7: Cavanaugh's son finishes the internship. Total pay for the summer internship is about $13,000.
Aug. 27: Weil Gotshal releases a memo on the investigation, absolving anyone of a conflict. The cost of the investigation was $650,000.
SOURCE: Weil, Gotshal & Manges
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