In this photo illustration, the Hershey logo is seen displayed on a mobile phone screen. (Photo Illustration by Idrees Abbas/SOPA Images/LightRocket via Getty Images)

Ananya Mariam Rajesh·Stocktwits

Published Jul 08, 2025 | 9:58 AM GMT-04

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Hershey (HSY) announced on Tuesday that it has tapped Wendy’s (WEN) CEO Kirk Tanner to lead the chocolate maker, marking a key step in its planned leadership transition launched earlier this year.

Tanner, who served as the CEO of Wendy’s for nearly a year and a half, was with PepsiCo (PEP) before that for three decades. He assumed several leadership roles during his time at the beverage maker, including CEO of PepsiCo Beverages North America, overseeing the growth of brands such as Pepsi, Gatorade, and Mountain Dew.

Hershey’s shares were down 2.5% in early trading. The stock has gained 2% year-to-date.

Tanner will succeed Michele Buck as president and CEO, effective August 18.

Buck led Hershey for seven years and is retiring in 2026. She will work closely with Tanner in a senior advisory capacity to ensure his successful transition.

In May, Hershey topped quarterly results driven by demand for its salty snacks business in North America. The company, which houses Dot's Pretzels, had seen demand pick up after product prices were lowered following several rounds of price hikes over the last few years.

Retail sentiment on Hershey has been ‘bearish’ over the past month, according to data from Stocktwits.

Separately, Wendy’s said it has appointed Ken Cook, its chief financial officer, as interim CEO. Cook, who remains CFO, joined the company in December 2024 and was previously with United Parcel Service (UPS) for 20 years, including serving as head of Financial Planning and Analysis.

Wendy's said its board has launched a comprehensive search process to select a permanent CEO.

The fast-food chain’s sales have slowed in 2025, particularly in the U.S., where consumer demand has wavered and traffic declines have impacted performance.

Wendy’s shares were down marginally. Stocktwits data showed the retail sentiment on the stock was in the ‘bearish’ territory, compared to ‘neutral’ a week ago.

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