Former Wendy's executive Kirk Tanner to become Hershey's next President and CEO

Wendy's CEO Kirk Tanner is stepping down from his role just over a year after taking charge, the fast-food chain announced Tuesday, Reuters reported. Tanner is set to become the next Chief Executive Officer of chocolate giant Hershey, replacing Michele Buck, who is retiring after more than sever years at the helm.

Tanner's departure from Wendy's comes at a challenging time for the burger chain, which is facing sluggish sales due to inflationary pressures and a consumer shift toward eating at home, the report added.

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Shares of Wendy's have plummeted nearly 31% this year, underperforming key rivals in the quick-service restaurant sector.

According to the report, Wendy's has appointed its current Chief Financial Officer, Ken Cook, as interim CEO while it searches for a permanent successor. The company is slated to release its second-quarter earnings on August 8.

Meanwhile, Tanner will officially step into his new role at Hershey on August 18, about a month after departing Wendy's. He inherits leadership of the Reese's Peanut Butter Cups maker as it grapples with elevated cocoa prices, increased tariff-related costs, and a cautious consumer environment, the report added.

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Tanner's prior experience as CEO of PepsiCo's North America beverages business is seen as a strategic asset for Hershey during this period of economic volatility.

Hershey had previously announced in January that Michele Buck would step down as CEO in 2025 and transition into a senior advisor role.

Also Read: The Hershey Company's President & CEO Michele Buck announces retirement