This voice is automatically generated. Please let us know if you have any feedback.
Diving overview:
-
Hershey CEO Michelle Bach plans to retire on June 30, 2026. Mr. Buck, who has been with Hershey for 20 years, assumed the top post in 2017. “Now is the right time to formally begin our succession plan and begin our transition to Hershey’s.” Next Leader. she said in a statement.
-
The maker of Wreaths & Kisses said Mr. Buck will remain CEO and chairman until a successor is appointed. Hershey’s board of directors has appointed a special committee to find its next CEO and will consider external and internal candidates.
-
Mr. Buck’s departure next year comes as the storied snack maker faces a series of pressures on its business, including rising cocoa costs, inflation that has prompted cash-strapped consumers to cut back on spending, and rising demand for its popular GLP-1 weights. It takes place in the face of challenges. Medicine for loss.
Dive Insight:
During his tenure, Buck has prioritized innovation in the company’s core brands such as Reese’s and KitKat, while building a portfolio of salty snacks supported by the acquisition of SkinnyPop Popcorn. of dots pretzels.
But Hershey’s portfolio remains dominated by chocolate-heavy sweets products, which have been hit harder than some competitors during recent market turmoil. Last November, Hershey lowers net sales growth forecast This comes as a series of price increases reduced demand for the company’s sweet and salty products.
“Succession planning is an issue that the board and Michele have discussed,” Victor Crawford, lead independent director on the Hershey board, said in a statement.
In a 2020 Food Dive interviewBuck, who grew up less than an hour from Hershey, Pennsylvania, said his goal as CEO is to create a “snack powerhouse.” She was handpicked for the top post and wasn’t afraid to disrupt the 131-year-old food giant.
“Of all the jobs I’ve had in my career, this is the one I wanted to do the most and the one my skill set is most aligned with. I didn’t expect it. ” Buck said, then added: That’s a lot of work. And for me, I think the most difficult part of this job is the huge responsibility I feel towards all of my stakeholders. ”
Although 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.
Campbell’s Company announced in December: Mick Beekhuizen replaces Mark Close In February. Crouse is resigning to join the NFL’s Washington Commanders as team president.
