USA -The Hershey Company has announced key leadership appointments following CEO Michele Buck’s decision to step down, effective June 30, 2026.
The changes come as the confectionery giant grapples with rising cocoa prices and a slowdown in consumer demand.
Andrew Archambault, a seasoned executive with experience at Keurig Dr Pepper (KDP), will take over as president of U.S. confection on February 3, 2025.
Archambault will oversee iconic brands such as Hershey’s, Reese’s, and Jolly Rancher. Before joining Hershey, he was president of U.S. refreshment beverages at KDP and held leadership positions at The Nature’s Bounty Co., Bacardi USA, and The Coca-Cola Co.
“Andrew is a proven executive who has transformed complex consumer brand portfolios through his deep commercial expertise and customer-centric approach,” said Michele Buck, Hershey’s President and CEO.
Additionally, Hershey veteran Veronica Villasenor has been promoted to president of salty snacks, succeeding Kristen Riggs, who is leaving the company after two decades.
Villasenor, who previously served as vice president of salty snacks, will assume her new role on February 3, 2025.
“I am very excited to pair this announcement with an internal promotion, welcoming Vero as our new president of salty snacks,” Buck said. “I am confident that Andrew and Vero are the right leaders to advance our leading snacking powerhouse vision and deliver on our next phase of growth.”
The leadership changes come as Hershey faces steep challenges. Cocoa prices have tripled since 2024 due to crop losses in Ivory Coast and Ghana, driven by adverse weather, bean disease, and labor shifts to illegal gold mining.
In response, Hershey recently sought permission from the Commodity Futures Trading Commission (CFTC) to purchase up to 90,000 metric tons of cocoa from ICE-certified stocks, surpassing the usual maximum limit.
Financially, Hershey has faced headwinds. The company’s consolidated net sales fell 1.4 percent to US$2,987.5 million in the third quarter, while operating profit dropped 16.7 percent to US$613.2 million.
The company also lowered its annual revenue forecast, although it reaffirmed its 2024 outlook. Hershey’s 2025 forecast will be announced on February 6.
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