The Hershey Company has formally announced a leadership succession plan as Michele Buck, the current chairman, president and CEO, prepares to retire on 30 June 2026.

Buck, who has been with the company for two decades, will remain in her roles until a successor is appointed, after which she will transition to a senior advisor position.

The Hershey board of directors has established a special committee to oversee the search for Buck's successor, considering both internal and external candidates. This move underscores Hershey's commitment to continuity and effective leadership during a pivotal time in the company's evolution.

In her statement, Buck reflected on her tenure, highlighting Hershey's transformation into a leading player in the broader snacking market. "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 recognisable snacking portfolios in the industry and I am immensely proud of what we have accomplished," she said.

"I am a firm believer that our long-term success is rooted in Hershey culture – the spirit of innovation has kept us at the forefront of new and changing trends to best serve our customers and consumers, made us a stronger partner for our communities and contributed to significant value creation for our shareholders. 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."

Victor Crawford, lead independent director, acknowledged Buck's significant contributions: "Michele has made innumerable marks on Hershey, including driving sustainable international growth and building advanced capabilities".

Hershey has reiterated its financial outlook for 2024 and plans to provide guidance for 2025 during its upcoming earnings release in February.