April 9 (Bloomberg) -- Hershey Trust Co., the trust that controls the namesake chocolate company, said Chief Executive Officer Robert Vowler will retire in April 2009.

Vowler has been CEO for 12 years and at the trust for 22 years, according to a statement today. Vincent Rudisill, the trust's chief investment officer, will serve as executive of the Milton Hershey School Trust. Vice President Andrew Keefer will serve as interim executive of the trust's investor services.

Last year, the trust replaced 8 of 11 Hershey board members after saying it wasn't ``satisfied'' with the largest U.S. candy maker's earnings. Hershey Co. posted a profit decline in five consecutive quarters through 2007 and lowered its annual forecast three times last year.

``It seemed like things are stable now,'' Vowler, 53, said in an interview. The board ``offered me a way to go out on early retirement. I'm going to take them up on it.''

Vowler said his departure was not any sign that Hershey Trust wants the company to sell itself.

``Of course not, of course not,'' Vowler said.

Vowler will serve as an ongoing adviser to the trust until his retirement, the Hershey, Pennsylvania-based trust said. The trust has no immediate plans to name a new chief, spokesman Tim Reeves said in an e-mail.

Hershey Shakeup

In October, Hershey CEO Rick Lenny resigned and was replaced by President David West.

Representatives of the trust discussed a partnership with Cadbury Schweppes Plc, the world's largest candy maker, about a month before Lenny announced his retirement, the Wall Street Journal reported in October. Members of the trust explored ways of putting Hershey together with Cadbury without decreasing the trust's ownership, the newspaper said.

The trust began a sale of Hershey in 2002, which it eventually blocked because of opposition from state lawmakers. London-based Cadbury, and Vevey, Switzerland-based Nestle SA made a joint bid at the time and Chicago-based gum maker Wm. Wrigley Jr. Co. made an offer on its own.

The trust was established by founder Milton Hershey and his wife, Catherine, in 1909. It controls 78 percent of the voting power through a 31 percent stake. The trust exercises voting rights on behalf of the private Milton Hershey School, also in Hershey, Pennsylvania.

Hershey declined 43 cents, or 1.1 percent, to $38.50 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have fallen 2.3 percent this year after losing 21 percent in 2007.

To contact the reporter on this story: Josh Fineman in New York at jfineman@bloomberg.net

Last Updated: April 9, 2008 17:43 EDT