Confectionery giant Hershey has started a search for a new CEO after its current top executive, Michele Buck, announced her decision to retire.
According to Hershey, Buck intends to retire on June 30, 2026. She will remain as CEO and board member until the company finds her successor. After that, she will transition to an advisory role until her retirement.
Hershey said it will consider both external and internal candidates while hiring a search firm to assist in the process.
Buck revealed that the length of her tenure as Hershey’s CEO has been discussed for a few years now, with the company asking her to prolong her departure.
“I love the company. I still have a little more to do before I go,” Buck said via The Wall Street Journal.
Buck joined Hershey in 2005 and held several positions throughout the years before taking over as the company’s CEO in 2017. While her time in charge is viewed mostly favorably, she now faces the challenge of steering the company through a difficult period amid slumping sales and rising cocoa prices before handing over the baton.
In the aftermath of Hershey’s announcement about the upcoming CEO change, the company’s stock dipped by 2.48% to close at $158.20 per share on Friday. The stock has now dropped 7.38% since the beginning of January.