The Hershey Company announced that its Chairman, President, and CEO, Michele Buck, plans to retire on June 30, 2026, after 20 years with the company. She will continue in her current roles until her successor is appointed, transitioning to a senior advisor position until her retirement. A special committee has been formed to lead the CEO succession process, with consideration of both internal and external candidates. The company entered into an amended employment agreement with Ms. Buck, outlining her compensation, consulting role, and transition plan.

Under the new agreement, Ms. Buck’s base salary is $1.4 million, with a target annual bonus of 160% of her salary, and long-term incentive awards of $8.75 million for 2025. She will also receive a $41,667 monthly consulting fee during the second half of 2026. Hershey reaffirmed its 2024 financial outlook and emphasized its commitment to ensuring a smooth leadership transition. The company highlighted Ms. Buck’s contributions, including expanding the company’s snacking portfolio and driving sustainable growth.