Buck, who currently serves as chairman of the board and president of the confectionery manufacturer, revealed her intention to retire from the company effective 30 June 2026.
The Hershey board has appointed a special committee to direct the search for the company’s next CEO and is considering both internal and external candidates.
Buck described her time at Hershey as the pinnacle of her career and was ‘immensely proud’ of the work accomplished under her leadership.
‘Spirit of innovation’
“I am a firm believer that our long-term success is rooted in Hershey 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,” said Buck.
“This year will be my 20th at Hershey and as we embark on a new year, I believe now is the right time to formally activate our succession planning and begin the transition to Hershey’s next leader.”
Buck joined Hershey in April 2005 as senior vice president (SVP) for marketing and global marketing officer, moving between vice president roles until she took over as president and CEO in March 2017. Prior to joining Hershey, Buck held a number of senior roles with Kraft Foods, Nabisco and Frito Lay.
Victor Crawford, lead independent director of the board, thanked Buck for her eight years working as CEO, as well as her almost 20 years with the company.
‘Key architect’
“Michele has made innumerable marks on Hershey, including serving as the key architect of the Company’s expansion into broader snacking categories, driving sustainable international growth and building advanced capabilities and growth platforms to evolve Hershey into a stronger and more diversified business,” Crawford added.
“Succession planning is a matter the Board and Michele have been discussing and with Michele’s continued guidance and leadership, we are confident we will execute a seamless transition.”
Meanwhile, 2 Sisters Food Group parent company Boparan Holdings has appointed former Marks & Spencer senior executive and industry veteran Paul Friston as its new chief financial officer.
Friston will join the 2 Sisters Food Group business in early February and become a member of the BHL Board.
