USA – Hershey has announced the planned departure of CEO Michele Buck, who will step down effective June 30, 2026, after more than seven years leading the company.
A veteran in the consumer-packaged goods sector, Buck has been with Hershey for nearly two decades. She will remain CEO until a successor is appointed and then transition to a senior advisory role before retiring.
In a statement, Buck expressed her belief in Hershey’s long-term success being rooted in its culture. “The spirit of innovation has kept us at the forefront of new and changing trends to best serve our customers and consumers, made us a stronger partner for our communities, and contributed to significant value creation for our shareholders,” she said.
The company’s Board of Directors has formed a special committee to oversee the search for Buck’s replacement. This search will include internal and external candidates and will be conducted in partnership with a nationally recognized executive search firm.
Buck’s departure comes as Hershey navigates significant challenges, including soaring cocoa costs and a slowdown in consumer demand due to repeated price hikes.
Cocoa prices have tripled since 2024, driven by crop losses in top producers Ivory Coast and Ghana. Adverse weather, bean disease, smuggling, and labor shifts to illegal gold mining have exacerbated supply pressures.
Earlier this week, Hershey reportedly sought permission from the Commodity Futures Trading Commission (CFTC) to purchase up to 90,000 metric tons of cocoa from ICE-certified stocks, exceeding the typical maximum allowed amount.
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.
Hershey trimmed its annual revenue forecast and missed third-quarter sales expectations but reaffirmed its 2024 outlook, with its 2025 forecast set to be revealed on February 6.
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