Hershey has named former PepsiCo executive Kirk Tanner as its new president and CEO to succeed Michele Buck, who had announced her intention to retire in June next year.
Tanner, who is president and CEO of the fast-food chain Wendy’s, will take on his new appointments at the US-headquartered confectionery and salty snacks maker on 18 August.
Buck, meanwhile, will “work closely with Tanner in a senior advisory capacity to ensure his successful transition”, according to a statement from the publicly listed business, which owns brand such as Reese’s and SkinnyPop popcorn.
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The outgoing CEO, who has been at the company for around two decades and has helmed Hershey for the past eight years, revealed in January that she planned to step down on 30 June 2026.
Before joining Wendy’s in February 2024, Tanner spent over 30 years at PepsiCo, holding various senior leadership roles.
Mary Kay Haben, lead independent director and chair of the CEO search committee, said Tanner’s “deep experience in snacks, beverages, M&A and innovation – combined with public company CEO and board roles – makes him well suited to lead Hershey into the future”.
She added: “With a track record of driving growth in complex global businesses, Kirk brings a focused, results-driven mindset.”
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By GlobalDataTanner was the CEO of PepsiCo’s North America beverages division from January 2019 to February 2024.
His other executive roles at the snacks and drinks giant included president of global foodservice, senior vice president of Frito-Lay North America’s western division, and vice president of sales for PepsiCo in the UK and Ireland.
While CEO of the drinks division of the Pepsi, Gatorade and Mountain Dew brand owner, Tanner was credited with driving “growth and profitability through brand building, innovation, customer partnerships and execution in the marketplace”.
Commenting on his appointment, Tanner said: “Leading Hershey is a once-in-a-lifetime opportunity to make a difference with loved brands, and I look forward to working closely with the board of directors and the entire team to advance our leading snacking powerhouse ambition.”
In thanking Buck for her contribution, Haben said: “Michele architected and championed Hershey’s leading snacking powerhouse vision, guiding the company through multiple phases of transformational growth.
“The impact of her courageous leadership, evolution of portfolio and capabilities, and authentic connection to people leave a legacy and a roadmap that positions Hershey well for the future.”
Hershey has faced pressure on sales and volumes of late amid a raft of industry challenges, including stretched consumers still grappling with elevated household costs and historically high cocoa prices.
Tariff risks have not helped, while the rise of GLP-1 weight-loss drugs and the push to make Americans healthy under the Trump administration’s campaign have added to the uncertainties.
The Dot’s Homestyle Pretzels brand owner’s first-quarter results for fiscal 2025, announced in May, were emblematic of the pressures.
Net sales dropped by 13.8% year-on-year on a reported basis to $2.8bn and were down 13.2% in organic terms.
Volume/mix fell 15% as prices were increased by two percentage points during the quarter.
Operating profit slid 29.4% on an adjusted basis to $608.1m. Net income dropped 71.7% to $224.2m, with adjusted diluted EPS down 31.9% at $2.09.
Volumes also declined in the 2024 full financial year (-2%), although net sales edged up 0.3% on a reported basis to $11.2bn. They rose 0.4% in organic terms.
Operating profit climbed 13.2% to $2.9bn, with net income up 18.2% at $2.2bn.
However, adjusted diluted EPS dropped 2.3% to $9.37.
For the current 2025 financial year, Hershey expects net sales growth of “at least 2%” but with adjusted EPS likely to be down in the “mid” 30% range.
Buck said of Tanner’s appointment: “I am thrilled to see Kirk step into the role and look forward to working closely to help him onboard as he makes the transition to Hershey.
“Leading this business and having the privilege to work with such an exceptional team to transform Hershey into a multi-category snacking leader – building one of the industry’s most robust portfolios and the capabilities to drive current and future growth – has been the greatest honour of my career.”
