Hershey CEO Michele Buck has announced her plan to retire on June 30, 2026. Buck, who has been with Hershey for 20 years and assumed the role of CEO in 2017, stated that now is the right time to activate the succession planning and start the transition to the next leader of Hershey.
The iconic chocolate maker shared that Buck will continue to serve as CEO and chairman until her successor is appointed. A special committee has been appointed by Hershey’s board to search for the company’s next CEO, considering both external and internal candidates.
Buck’s decision to retire comes at a time when Hershey is facing various challenges that have impacted the business, such as increased cocoa costs, inflation leading to reduced consumer spending, and the rising demand for popular weight-loss drugs.
During her tenure, Buck focused on innovating Hershey’s core brands like Reese’s and Kit-Kat, while also expanding the salty snacks portfolio through acquisitions like SkinnyPop popcorn and Dot’s pretzels. However, Hershey’s predominantly chocolate-centric product line has been more affected than some competitors amid recent market volatility, with the company adjusting its net sales growth forecast after price increases affected demand for its products.
Victor Crawford, lead independent director of Hershey’s board, mentioned that succession planning has been a topic of discussion between the board and Michele. In a 2020 interview with Food Dive, Buck expressed her goal of transforming Hershey into a “snacking powerhouse” and her readiness to disrupt the traditional food giant.
While Buck’s departure is scheduled for next year, her announcement follows a recent CEO change at Campbell’s Company, where Mick Beekhuizen will succeed Mark Clouse in February. Clouse is leaving to take on the role of president at the NFL’s Washington Commanders.
The transition at Hershey signals a new chapter for the company as it prepares to find a successor to lead the iconic chocolate brand into the future.
