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HERSHEY, Pa. — The new year will bring new leadership to chocolate, candy and snack giant The Hershey Co.
Plans call for Michele Buck, executive vice president and chief operating officer, to take the reins as president chief executive officer on March 1, succeeding John Bilbrey. The company’s board, which announced the succession just before the holiday weekend, said Bilbrey will continue as nonexecutive chairman.
Michele Buck
“I am honored to be chosen as the next leader of this innovative and pioneering business. The opportunity ahead for Hershey is tremendous, and to take advantage of it will require a clear focus on meeting the evolving needs of consumers while moving quickly to stay ahead of the trends shaping our business,” Buck said in a statement.
“I look forward to working closely with our board and the entire Hershey team to further our vision for 2017 and beyond,” she added. “I also would like to thank J.P. for his leadership, mentorship and friendship over the last several years. It is an honor to be succeeding him as CEO, and I look forward to his continued guidance as chairman of our board.”
Buck joined Hershey in 2005 as senior vice president of marketing and global chief marketing officer. She was appointed global chief growth officer in 2011 and then president of North America in 2013 before being promoted to executive VP and COO this past June.
Prior to Hershey, Buck held positions at Kraft, Nabisco and Frito-Lay.
“As the board contemplated the right strategic leader for the next great chapter in Hershey’s history, it quickly became apparent that Michele offered the right mix of outstanding vision and proven execution to continue taking our company forward,” stated Pamela Arway, chair of the governance committee of Hershey’s board and its special committee overseeing the CEO succession.
Hershey noted that Buck has spearheaded many successful growth initiatives and strategic shifts at the company, notably the substantial growth in Hershey’s core confection portfolio as it moved from a supply- to demand-driven business model. She also was the architect of the company’s strategy to expand into broader snacking categories and oversaw the acquisitions of KRAVE and barkThins brands.
“Michele is a proven leader who, during 11 years at Hershey and more than 25 years as an executive in the consumer packaged goods industry, has a demonstrated track record of building brands consumers love while bringing out the best in employees amid a rapidly changing business environment,” commented Bilbrey, who had previously announced his intention to retire from Hershey. “She has consistently displayed a keen sense for how to grow our iconic brands. The unanimous vote by the board is a testament to the confidence we have in Michele as the next leader of this great company.”
Bilbrey became president and CEO of Hershey in June 2011, just weeks after serving as interim CEO due to the departure of David West, who joined Del Monte Foods Co. as chief executive. Bilbrey, with more than 30 years of global CPG experience, had served as COO since 2010 and from December 2007 to November 2010 was senior vice president of Hershey and president of Hershey North America.
With more than 80 brands worldwide, Hershey generates annual sales of over $7.4 billion. Its brands include Hershey’s, Reese’s, Hershey’s Kisses, Jolly Rancher, Ice Breakers and Brookside.
