The Hess Corp. shake-up is now getting serious.
The future of the popular toy Hess truck, helicopter and rescue vehicles that have been Christmas gift traditions for nearly 50 years is in doubt.
The oil and gas giant, as part of corporate refocusing, said yesterday that it will exit the retail gas business — and sell its 1,361 gas stations that dot the East Coast.
The holiday toy, which first rolled out in 1964, could survive if Hess finds a buyer for the stations willing to keep the popular brand, sources said.
That is not certain, however.
“Its sad for those of us who have collected them since we were younger and would like to keep collecting,” said Anthony Sabino, a St. John’s University business professor. “There will probably be Hess toy trucks for this Christmas, but beyond that it’s hard to say.”
A Hess spokesman couldn’t offer kids a guarantee the trucks would be around past this Christmas — work on the 2013 model has already begun — except to say, “We think Hess is a strong, valuable brand that will live long into the future.”
The Hess shake-up also includes naming six new independent directors, an exit from the energy-trading sector and a doubling of the annual dividend to $1 a share.
They come as Paul Singer’s $21 billion hedge fund, Elliot Management, which owns a 4 percent stake in Hess, pressed Hess to break up the company.
Elliot called the moves by Hess yesterday “incomplete” and said it will go forward with its slate of five candidates.
Hess said its moves had nothing to do with the pressure exerted by Singer.