Our History

When Jo Hershey Selden began The Hershey Foundation in 1986, she sought to honor her late husband, Alvin A. Hershey, through philanthropic deeds in support of their community.

Both Al and Jo lived their entire lives in the Cleveland area. Al was a devoted husband and father who had a successful career in the insurance industry as a general agent and company executive. In 1964, he acquired a small Ohio-based insurance company and with the help of Jo and the children, began to develop the family business. Following Al’s death at age 58 in 1974, his son, Barry J. Hershey, continued the family dream, building the nationwide Capitol American Financial Corporation into an industry leader. In 1992, he took the company public on the New York Stock Exchange. When the company was sold in 1997, the Foundation’s resources were greatly enhanced.

Jo successfully combined a career in the family business with an active life as wife, mother, and grandmother; yet she always found time and resources to support Cleveland’s civic, cultural and religious organizations. The establishment of The Hershey Foundation simply formalized a well-established philanthropic tradition.

At first, Jo used the Foundation primarily as a vehicle for distributing annual gifts. She had a passion for the arts which she passed on to her children, along with her feeling of responsibility for supporting the city’s cultural institutions. Her interest in education was heightened by her grandchildren’s experiences in Montessori schools. She saw the benefits of Maria Montessori’s educational philosophy and directed considerable support to Montessori schools in Cleveland.

*Carole, Barry, Jo, Loren and Debra Hershey*

After Jo’s death in 1990, by her design, management of the Foundation passed to her children Debra Hershey Guren, Carole Hershey Walters, and Loren W. Hershey. For the following 35 years, the family has honored and extended the philanthropic goals Jo established in her lifetime through responsive grantmaking. Montessori education remained a funding focus along with other innovative educational programs especially those embodying Maria Montessori’s child-centered approach to learning. Maintaining opportunities for all children to be engaged in the arts and stimulated by the sciences has remained a high priority.

In 2025, Debra stepped down as the President and CEO of the Foundation and passed the baton to her daughter Sara B. Guren. As the Foundation turns toward its next chapter, the third and fourth generation will continue to steward Jo’s vision. With deep respect for the legacy established by their parents, grandparents, and great grandparents, Sara B. Guren, Adam M. Guren, Zachary A. Guren, and David J. Walters are carrying on the family's initiative to sustain the Foundation’s role as a champion of children’s learning, creativity, and opportunity for years to come. Debra and Carole will continue to support the effort.