(Reuters) -Chocolate maker Hershey on Friday announced the departure of CEO Michele Buck, who has been at the helm for roughly 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, after which she will transition to a senior advisor role until her retirement, the company said.
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.
In November, the Reese's peanut butter cups maker trimmed its annual revenue forecast and missed its third quarter sales expectations, as repeated price hikes hurt consumer demand.
Cocoa prices nearly tripled in 2024, far outpacing gains in other commodities, as crop losses in top cocoa-producing countries the Ivory Coast and Ghana, caused by adverse weather, bean disease, smuggling, and a shift from cocoa plantations 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.
Semafor reported on the company's CEO departure plans earlier in the day.