The Hershey Company (HSY  ) announced on Tuesday that Kirk Tanner will take over as President and CEO, beginning August 18, marking a significant leadership transition for the company.

Tanner, a seasoned executive in the food and beverage sector, succeeds Michele Buck, who is retiring after a transformative tenure. Buck will remain with the company for a period in an advisory role to support a smooth leadership transition.

The leadership change follows a detailed succession plan, positioning Hershey for sustained growth and innovation under new guidance.

Tanner currently serves as CEO of The Wendy's Company (WEN  ), where he prioritized brand growth and international expansion. He will depart the fast-food chain on July 18, 2025. Wendy's CFO Ken Cook has been appointed as interim CEO while the company searches for a permanent replacement.

Tanner also brings more than 30 years of experience from PepsiCo Inc. (PEP  ), where he most recently led the $28 billion North American beverage division.

He also held several senior positions, including President of Global Foodservice and VP of Sales for the UK and Ireland. Hershey's Board praised Tanner as a strong operator with deep experience in snack foods, beverages, and innovation.

Chair of the CEO Search Committee Mary Kay Haben highlighted Tanner's balanced leadership and strategic vision as ideal for driving the company forward. She also thanked Buck for her impactful leadership and for building Hershey's status as a multi-category snacking powerhouse.

In a statement, Tanner expressed enthusiasm for leading Hershey, saying the opportunity was "once-in-a-lifetime." He emphasized his commitment to consumers, partners, and employees. Buck also voiced confidence in Tanner, calling it a privilege to support the transition after leading the company through years of sustained growth.

Price Action: HSY shares are trading lower by 2.98% to $170.32 at last check Tuesday, while WEN shares are trading lower by 0.13% to $11.29.