Overview

• Tanner’s appointment marks his return to consumer packaged goods after a year at Wendy’s and 30-plus years at PepsiCo.
• Buck, who steered Hershey for almost eight years, will shift to an advisory role through year-end.
• Wendy’s CFO Ken Cook will take over as interim CEO on July 18, and the board has launched a search for a permanent leader.
• Mary Kay Haben, chair of Hershey’s CEO search committee, said Tanner’s track record in snacks, beverages, M&A and innovation suits the company’s push to diversify beyond chocolate amid rising commodity costs.
• Following the announcements, Hershey’s shares dropped about 3% and Wendy’s stock fell just under half a percent.