Shares of the Hershey Co. came under pressure after the company said its president and CEO Michele Buck plans to retire effective June 30.
Buck will transition to a senior advisor role until her retirement, the company said in a statement.Hershey’s board has appointed a special committee to direct the search for the company's next CEO.
"It has been the pinnacle of my career to lead Hershey, a truly one-of-a-kind company. Our team has created one of the strongest and most recognizable snacking portfolios in the industry and I am immensely proud of what we have accomplished," 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."
Retail sentiment on Stocktwits fell to ‘neutral’ from ‘bullish’ a week ago. Message volumes were in the ‘high’ zone.
One commenter was optimistic about the value the company represented, while another was hopeful of profiting from a stock price dip.
Recently, confectionery company Mondelez International ($MDLZ) launched a takeover bid for Hershey. That was rejected by the Hershey trust.
Hershey has more than 90 brand names in about 80 countries that drive more than $11.2 billion in annual revenues, including Hershey's, Reese's, Kisses, Kit Kat, Jolly Rancher, Twizzlers and Ice Breakers.
Hershey's stock is down 6.95% year-to-date.
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