Dive Brief:
- Hershey on Tuesday named Wendy’s chief executive Kirk Tanner as its next CEO effective Aug. 18, according to a company statement.
- The announcement brings Tanner back to the CPG industry, where he spent more than three decades at PepsiCo. Among other senior roles, he served as CEO of PepsiCo Beverages North America, overseeing the growth of Pepsi, Gatorade and Mountain Dew.
- Tanner replaces Michele Buck, who in January announced her intention to retire after eight years in Hershey’s top role. Buck will work closely with Tanner in a senior advisory capacity during the transition.
Dive Insight:
As CEO, Tanner will be responsible for building on Buck’s efforts to transform Hershey into a snacking powerhouse and diversify beyond sweets. Buck oversaw the company’s aggressive move into gummies and salty snacks and led some of the largest acquisitions in Hershey’s history, including a $1.6 billion purchase of SkinnyPop owner Amplify.
“Michele architected and championed Hershey’s Leading Snacking Powerhouse vision, guiding the company through multiple phases of transformational growth,” said Mary Kay Haben, lead independent director and chair of Hershey’s CEO Search Committee. “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.”
Still, Tanner joins at a precarious time for the snacking industry, which has experienced broad declines as consumers tighten their wallets and look for healthier alternatives. Hershey reported close to a 14% sales drop in the first quarter.
The candy giant also has struggled with higher cocoa costs amid fast-changing tariffs. The company expects tariffs to cost between $15 million and $20 million during the second quarter and asked the White House for an exemption for duties on cocoa.
At PepsiCo, Tanner led a transformation of the company’s $28 billion beverage business, scaling brands, including Pure Leaf and bubly, and overseeing new innovation to address evolving consumer trends.
In addition to leading PepsiCo’s North American beverages business, Tanner also held several other senior leadership positions, including president of PepsiCo Global Foodservice and senior vice president of Frito-Lay North America’s West Division.
“Kirk is a proven, high-impact leader in the food and beverage industry with a great combination of customer and consumer passion, commercial acumen and operational scale,” Haben said. “His 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.”