In a significant leadership transition, US confectionery and snacks leader Hershey has initiated a search for a new chief executive officer (CEO) following the announcement that Michele Buck, the current President, CEO, and Chairman, plans to retire on June 30, 2026.
Having steered the company for eight impactful years, Buck will continue serving in her current roles until a successor is appointed. Once the new CEO is in place, she aims to resign from the board and transition into a senior advisor position leading up to her retirement date.
Expressing her thoughts on the planned retirement, Buck stated: “This year will be my 20th at Hershey, and as we embark on a new year, I believe now is the right time to formally activate our succession planning and begin the transition to Hershey’s next leader.”
In light of this development, Hershey’s board of directors has established a special committee tasked with overseeing the search process for the new CEO. This committee will actively consider internal and external candidates and has engaged a “nationally recognized search firm” to assist in the selection process, as detailed in their official statement.
Victor Crawford, Hershey’s lead independent board director, emphasized Buckingham’s pivotal role in the company’s growth, describing her as a “key architect” behind Hershey’s expansion into broader snacking categories. Her leadership has been instrumental in “driving sustainable international growth and developing advanced capabilities and growth platforms that have transformed Hershey into a stronger and more diversified business.”
This retirement announcement arrives amid various significant developments for Hershey, including renewed market speculation regarding takeover interest from Mondelez International—its competitor in the US confectionery sector—following a similar approach eight years ago. It has been reported that The Hershey Trust, the company’s controlling shareholder, rejected Mondelez’s latest proposal.
Additionally, in December, Michael Del Pozzo, the president of Hershey’s US confectionery business unit, departed from the company. Consequently, Buck assumed direct leadership temporarily of this division.
Hershey has also recently executed strategic business maneuvers. Notably, in November, the company acquired the sour candy brand Sour Strips. In conjunction with this acquisition, Hershey reduced its forecasts for net sales and earnings per share for 2024, as Buck referred to the current market as presenting a “challenging consumer environment.”
In their most recent financial report, Hershey announced net sales of $2.99 billion for the third quarter ending September 29. This represented a slight decline from $3.03 billion during the corresponding period in 2023. Furthermore, the company’s gross margin fell to 41.3%, down from 44.9% compared to the previous year, driven in part by rising input costs and an “unfavorable mix.”
Operating profit for the quarter experienced a significant decrease of 16.6%, totaling $613.2 million. Additionally, net income saw a drop of 13.9%, landing at $446.3 million.
With a global workforce exceeding 20,000 employees, Hershey generates upwards of $11.2 billion in annual revenue. Its extensive portfolio features more than 90 brands, including iconic names such as Hershey’s, Twizzlers, and SkinnyPop, which are distributed across approximately 80 countries.