Key Points:
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Hershey CEO Michele Buck is set to retire on June 30, 2026, after 20 years with the company and taking over as CEO in 2017. The succession planning process has begun to find her replacement.
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During her time as CEO, Buck focused on innovating core brands like Reese’s and Kit-Kat, as well as expanding the salty snacks portfolio with acquisitions like SkinnyPop popcorn and Dot’s pretzels.
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Challenges facing Hershey include higher cocoa costs, consumer spending cutbacks due to inflation, and competition from weight-loss drugs impacting demand for sweets and snacks.
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Buck expressed her commitment to creating a “snacking powerhouse” as CEO and emphasized the responsibility she feels towards stakeholders in her role.
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Her departure announcement comes amidst a trend of CEO changes in the food industry, with Campbell’s Company also recently announcing a leadership transition.