Wendy’s CEO, Kirk Tanner, will depart after barely a year in charge to become Hershey’s new president and CEO. The move—switching from a burger chain to a candy powerhouse — arrives as Wendy’s has struggled, with flat same-store sales and a stock slide of roughly 30% this year. Tanner’s exit leaves Wendy’s mid-turnaround, and investors are anxious to see who will take the reins.
At Hershey, the hiring fulfills an announced plan to replace Michele Buck, the retiring CEO, next summer. Industry observers say the shake-up has already raised questions about leadership and strategy at both companies.
Why It’s Happening
Hershey’s board had prepared for CEO Michele Buck’s departure and chose Tanner to succeed her on Aug. 18. In January, Hershey announced that Buck would retire next year, setting the stage for Tanner’s selection. Tanner is a veteran food-and-bev executive — he spent over 30 years at PepsiCo and took the reins at Wendy’s in early 2024 — and was seen as well-qualified to lead Hershey’s portfolio.
Tanner called the job a “once-in-a-lifetime opportunity” to grow the candy maker’s iconic brands, reflecting his enthusiasm for the company’s snacking strategy. The hire fulfills Hershey’s succession plan and underscores the company’s confidence in his leadership.
Impact on Wendy’s
Wendy’s named CFO Ken Cook as interim CEO to lead the company while it searches for a permanent successor. Cook, who helped develop Wendy’s growth strategy, said the firm remains focused on “fresh, famous food” and global unit expansion. Chairman Art Winkleblack praised the executive team’s “clear strategic blueprint for growth” that is already being executed.
Tanner himself said he leaves Wendy’s “of the highest quality” with “tremendous growth potential” ahead. Wendy’s is also poised to report Q2 earnings on Aug. 8. The chain has closed 140 underperforming stores this year and plans to add 1,000 more over three years.
Hershey’s Strategic Outlook
Hershey has been navigating challenges like high cocoa prices and tariffs. Analysts say Tanner’s consumer-goods pedigree should help steady the ship: Morningstar’s Erin Lash noted that Hershey seems to be “falling into capable hands” and that “we don’t surmise seismic change is necessary”. Board Chair Mary Kay Haben echoed confidence, calling Tanner a “proven, high-impact leader” whose track record in snacks and beverages makes him “well suited to lead Hershey into the future”.
Tanner will officially join Hershey on Aug. 18, with outgoing CEO Michele Buck transitioning to an advisory role. His hire underscores continuity in Hershey’s strategy to become a leading multi-category snacking company.
Market Reaction
Investors took note at the market close. Hershey’s share price fell about 3% on the announcement, while Wendy’s was effectively flat. On a year-to-date basis, Wendy’s stock has already plunged roughly 30% as it lagged peers, whereas Hershey’s shares are near breakeven.
The split reaction reflects investor caution about Wendy’s turnover amid its sales slump, even as Hershey’s core business — from Reese’s to Kisses — is largely seen as stable. Analysts say any early jitters may be tempered if Tanner can leverage his industry experience to sustain growth.
Analysts Weigh In
Analysts were split. Consumer Edge’s Michael Gunther warned that Tanner’s exit “comes at a potentially inopportune time” for Wendy’s, noting the chain has underperformed peers. Morningstar’s Erin Lash took a different view: she said Hershey is “falling into capable hands” and expects no radical change in direction.
Others note that Tanner’s deep CPG background should benefit both companies. In short, experts say the move is unusual but not unprecedented, emphasizing that it likely signals continuity rather than a complete strategy overhaul.
Voices from the Companies
Company leaders rushed to offer perspective. Wendy’s chairman, Art Winkleblack, said the team has established “a very clear strategic blueprint for growth” and is already executing on it. Interim CEO Ken Cook said the focus remains on delivering “fresh, famous food” and accelerating global unit growth.
Tanner himself expressed gratitude: he praised Wendy’s as “an iconic brand” of “the highest quality” and spoke of “tremendous growth potential”. At Hershey, outgoing CEO Michele Buck congratulated Tanner and hailed the company’s vision to become a “multi-category snacking leader,” calling that mission the “greatest honor” of her career.
Industry Perspective
Such cross-sector hires are uncommon but not without precedent. For instance, PepsiCo alumnus John Sculley famously left for Apple’s top job in the 1980s, and Carol Tomé moved from Home Depot to UPS in 2020. Industry watchers say that experience at big consumer companies can translate across categories.
In this case, moving a proven restaurant CEO to a snack giant is an unusual step — but one that reflects a belief in transferable leadership skills. If Tanner’s fresh perspective can blend with Hershey’s legacy, it may validate the strategy of finding CEOs outside the usual talent pool.
What to Watch Next
Investors are now watching both companies’ calendars. Hershey will report its second-quarter results on July 30, followed by Wendy’s Q2 earnings on Aug. 8. These calls should reveal any early impacts of the leadership changes — for example, shifts in same-store sales or profit margins.
Analysts suggest investors pay close attention to those metrics and any updated guidance. In the weeks ahead, market reactions to the earnings reports will help determine if Tanner’s departure from Wendy’s or arrival at Hershey is bearing fruit.
Looking Ahead
Hershey’s outgoing CEO Michele Buck framed the role’s challenges in broad terms, calling it the “greatest honor” to help transform Hershey into a “multi-category snacking leader”. Tanner joins the company committed to that vision. Industry observers say the move underscores how consumer-goods firms value proven leadership skills, even across sectors.
Ultimately, a burger executive at a candy maker is a bold bet — one that will be judged by future results. For now, both boards insist this is a strategic continuation, and all eyes will be on whether the new setup delivers on that promise.