Hershey has appointed former PepsiCo executive Kirk Tanner as its new president and CEO, succeeding Michele Buck, who plans to retire in June next year.
Tanner, currently CEO of Wendy’s, is set to transition to the US-based confectionery and salty snacks leader on 18 August.
Buck will collaborate closely with Tanner in a senior advisory role, ensuring a smooth transition, according to a statement from the publicly listed company, which owns popular brands like Reese’s and SkinnyPop popcorn.
In January, Buck disclosed her intention to step down on 30 June 2026, after being with the company for nearly two decades, eight of which she served as CEO.
Before joining Wendy’s in February 2024, Tanner had over 30 years of experience at PepsiCo, during which he held several senior leadership roles.
Mary Kay Haben, the lead independent director and chair of the CEO search committee, emphasized Tanner’s “robust background in snacks, beverages, M&A, and innovation – complemented by his public company CEO and board experience – makes him ideally suited to lead Hershey into the future.”
She further added, “With a history of driving growth in complex global businesses, Kirk brings a focused, results-driven mindset.”
Tanner served as CEO of PepsiCo’s North America beverages division from January 2019 to February 2024.
His other executive positions included president of global foodservice, senior VP of Frito-Lay North America’s western division, and VP of sales for PepsiCo in the UK and Ireland.
While leading the drinks division, Tanner successfully drove “growth and profitability through brand building, innovation, and customer partnerships.”
Upon his appointment, Tanner stated: “Leading Hershey is a once-in-a-lifetime opportunity to make a difference with beloved brands. I eagerly anticipate collaborating with the board and the entire team to advance our ambitions as a leading snacking powerhouse.”
In expressing gratitude for Buck’s contributions, Haben remarked, “Michele architected and championed Hershey’s leading snacking powerhouse vision, guiding the company through multiple phases of transformational growth. Her courageous leadership and authentic connection to people have created a legacy that positions Hershey well for the future.”
Recently, Hershey has faced challenges regarding sales and volumes amid industry pressures, including the burden on consumers dealing with elevated household costs and historically high cocoa prices.
Additionally, tariff risks and the rise of GLP-1 weight-loss drugs have contributed to uncertainty in the market.
The company’s first-quarter results for fiscal 2025, released in May, reflected these pressures, reporting a 13.8% year-on-year decline in net sales to $2.8bn, with a 13.2% decrease in organic terms.
Volume/mix dropped by 15% as prices increased by two percentage points during the quarter.
(Operating profit slid 29.4% on an adjusted basis to $608.1m, with net income down 71.7% to $224.2m, and adjusted diluted EPS declining by 31.9% to $2.09.)
Volumes also fell in the total 2024 financial year (-2%), although net sales edged up to $11.2bn.
For the current 2025 financial year, Hershey expects net sales growth of “at least 2%,” though adjusted EPS is projected to decrease in the “mid” 30% range.
Buck expressed excitement about Tanner’s appointment, stating: “I am thrilled to see Kirk step into the role and look forward to working closely to help him onboard as he transitions to Hershey. Leading this business and collaborating with such an exceptional team to transform Hershey into a multi-category snacking leader has been the greatest honor of my career.”
Hershey Names Former PepsiCo Executive as CEO
