Hershey CEO Michele Buck to retire in 2026

Chocolate maker Hershey on Friday announced the departure of CEO Michele Buck, who has been at the helm for more than seven years, effective June 30, 2026.

Buck, a consumer packaged goods veteran with nearly two decades at the company, will continue as CEO until her successor is appointed. She will then transition to a senior advisor role until her retirement, the company said.

The CEO transition comes hot on the heels of leadership changes at food companies including Campbell’s Co and frozen food supplier Lamb Weston.

Hershey faces pressure from soaring cocoa costs, which nearly tripled in 2024 and demand slowdown from repeated price hikes.

“We believe that a new CEO will need to reset the 2026 earnings per share base due to weaker category dynamics and higher cocoa costs,” TD Cowen analyst Robert Moskow said.

The Reese’s peanut butter cups maker trimmed its annual revenue forecast and missed its third quarter sales expectations in November.

It reiterated its 2024 forecast on Friday and indicated that its 2025 outlook would be provided when it reports earnings on Feb. 6.

The board has appointed a special committee to assist in the search for a new CEO, which will evaluate both internal and external candidates for the position.

Cocoa prices have been on the rise as crop losses in top cocoa-producing countries the Ivory Coast and Ghana, caused by adverse weather, bean disease, smuggling, and workers shifting to illegal gold mining.

Earlier this week, Bloomberg News reported that Hershey 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 typically allowed maximum amount.

The stock, down 6.4% this week, was largely unchanged in trading after the bell.