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(Reuters) - On Friday, Hershey, the chocolate manufacturer, revealed that CEO Michele Buck will be leaving her position after approximately seven years, with her departure set for June 30, 2026.
According to the company, Buck, a seasoned professional in the consumer packaged goods industry with almost 20 years of experience at the firm, will remain in her position as CEO until a successor is named. Following that, she will take on a senior advisor role until her retirement.
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The board has established a special committee tasked with aiding in the search for a new CEO, responsible for assessing candidates from both within the organization and outside it.
In November, the manufacturer of Reese’s peanut butter cups revised its annual revenue projections downward and fell short of its sales expectations for the third quarter, as ongoing price increases negatively impacted consumer demand.
In 2024, cocoa prices skyrocketed, increasing almost threefold, significantly surpassing the growth of other commodities. This surge was primarily driven by crop failures in leading cocoa-producing nations, the Ivory Coast and Ghana, due to unfavorable weather conditions, bean diseases, illicit smuggling activities, and a transition from cocoa farming to illegal gold mining operations.
Earlier this week, Bloomberg News revealed that Hershey has requested approval from the Commodity Futures Trading Commission (CFTC) to acquire as much as 90,000 metric tons of cocoa from ICE-certified inventories, surpassing the usual maximum limit permitted.
Earlier today, Semafor covered the planned departure of the company's CEO.
(Reported by Aamir Sohail and Savyata Mishra from Bengaluru; Edited by Tasim Zahid)
