Michele Buck steps down as Hershey CEO amid takeover threat from Mondelez
- Michele Buck will resign as CEO after a tenure marked by initial success.
- Hershey has struggled with poor earnings and rising costs, leading to a takeover bid from Mondelez.
- The company's future leadership transition is set to be completed by July 2026.
In a significant move for the Hershey Company, it is reported that Michele Buck, who has served as CEO since 2017, will be stepping down. This decision comes after a challenging year for the company characterized by poor earnings, a failure to diversify amidst industry shifts, and rising commodity costs. Hershey's struggles became more apparent with an unsolicited takeover bid from Mondelez, which was later thwarted by resistance from the Hershey Trust that holds substantial voting power within the company. Buck had indicated her plans to retire late last year, leading to the board's request for her to remain during a transitional period until a new leader is appointed by July 2026. The climate of inflation and changing consumer preferences has left Hershey in a precarious position, particularly with the growing popularity of healthier food options and the emergence of new competitors. Buck's departure marks the end of an era, as her early tenure was marked by success, but recent developments exposed the company's vulnerabilities.