Dive Brief:
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Hershey CEO Michele Buck plans to retire on June 30, 2026. Buck, who has been at Hershey for 20 years, took over the top post in 2017. “Now is the right time to formally activate our succession planning and begin the transition to Hershey’s next leader,” she said in a statement.
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The Reese’s and Kisses maker said Buck intends to remain CEO and chairman until her successor is appointed. Hershey’s board has appointed a special committee to find the company’s next CEO and will consider external and internal candidates.
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Buck’s departure next year comes as the storied snacks maker faces a series of challenges that have weighed on the business, including higher cocoa costs, inflation that has prompted cash-strapped consumers to cut back on spending and growing demand for popular GLP-1 weight-loss drugs.
Dive Insight:
During her tenure, Buck has prioritized innovating the company’s core brands including Reese’s and Kit-Kat, while building out a salty snacks portfolio anchored by the acquisitions of SkinnyPop popcorn and Dot’s pretzels.
But Hershey’s portfolio, which is still largely dominated by its chocolate-heavy sweets offerings, has been hit harder than some of its competitors amid the recent turmoil in the market. Last November, Hershey cut its net sales growth forecast after a series of price hikes curtailed demand for the company’s sweet and salty products.
In a statement, Victor Crawford, lead independent director of Hershey’s board, said “succession planning is a matter the Board and Michele have been discussing.”
In an interview with Food Dive in 2020, Buck, who grew up less than an hour from Hershey, Pennsylvania, said her goal as CEO was to create a “snacking powerhouse.” She was handpicked for the top post and was not afraid of bringing disruption to the 131-year-old food giant.
“Of all the jobs I’ve ever had in my career, this is the one I was most meant to do, that my skill set is most aligned to, which I would not have anticipated,” Buck said before adding: “Yes, it’s a hard job. And for me, I think the hardest part of the job is the enormous responsibility that I feel for all our stakeholders.”
While her departure is still a year and a half away, Buck’s announcement marks the second CEO change at a major food company in the last month.
The Campbell’s Company announced in December that Mick Beekhuizen will succeed Mark Clouse in February. Clouse is resigning to join the NFL’s Washington Commanders as the team’s president.
