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Tootsie Roll boss Melvin Gordon dies aged 95 Tootsie Roll boss Melvin Gordon dies aged 95
(6 days later)
Tootsie Roll chief executive Melvin Gordon has died at the age of 95 after leading the US confectionery firm for more than five decades. Tootsie Roll chief executive Melvin Gordon has died at the age of 95 after leading the US confectionery firm for more than 50 years.
The company named his wife, Ellen Gordon, as its next chairman and chief executive.The company named his wife, Ellen Gordon, as its next chairman and chief executive.
Mr and Mrs Gordon own nearly 50% of the $1.9bn (£1.26bn) firm.Mr and Mrs Gordon own nearly 50% of the $1.9bn (£1.26bn) firm.
"Melvin's life represented the very highest values in business, wisdom, generosity and integrity," said the company in a statement."Melvin's life represented the very highest values in business, wisdom, generosity and integrity," said the company in a statement.
Tootsie Roll also makes the popular US confectionery brands Charleston Chews, Junior Mints, Sugar Babies and Dots.Tootsie Roll also makes the popular US confectionery brands Charleston Chews, Junior Mints, Sugar Babies and Dots.
The company, while publicly traded, rarely interacts with the press, although some have speculated it could be a takeover target.The company, while publicly traded, rarely interacts with the press, although some have speculated it could be a takeover target.
How many licks?How many licks?
Shares in Tootsie Roll, which were suspended pending the announcement, rose more than 7% in the wake of the news. In its most recent earnings report, the company said it made $26.7m in the third quarter.Shares in Tootsie Roll, which were suspended pending the announcement, rose more than 7% in the wake of the news. In its most recent earnings report, the company said it made $26.7m in the third quarter.
Tootsie Rolls have been manufactured in the US for nearly 120 years.Tootsie Rolls have been manufactured in the US for nearly 120 years.
According to the company website, the company was named for founder Leo Hirshfield's niece Clara, who went by the name Tootsie.According to the company website, the company was named for founder Leo Hirshfield's niece Clara, who went by the name Tootsie.
The company is well known in the US for its advertising, in which an owl asks how many licks it takes to get to the centre of a Tootsie Roll lollipop.The company is well known in the US for its advertising, in which an owl asks how many licks it takes to get to the centre of a Tootsie Roll lollipop.
Tootsie Roll has remained coy as to the answer, simply stating in its frequently asked questions: "It depends on a variety of factors such as the size of your mouth, the amount of saliva, etc. Basically, the world may never know."Tootsie Roll has remained coy as to the answer, simply stating in its frequently asked questions: "It depends on a variety of factors such as the size of your mouth, the amount of saliva, etc. Basically, the world may never know."