HERSHEY, Pa.-- Michele Buck, an 11-year veteran of The Hershey Co., has been named its next president and CEO, succeeding John P. Bilbrey, who previously announced his intention to retire from the company.
In announcing her selection, the company said Buck's promotion is effective March 1, 2017. She currently is the company's executive vice president and COO, a position she has held since June. Prior to that, Buck was president of the North America division, leading Hershey's U.S. and Canadian businesses, which account for more than 85% of the company's annual revenue.
Bilbrey will continue as non-executive chairman of Hershey's board of directors after his retirement as president and CEO.
"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," said Bilbrey, who noted her selection was a unanimous decision of the board.
Since joining the company in 2005, Buck has spearheaded the development and execution of many successful growth initiatives and strategic shifts at the company, most notably Hershey's growth in its core confection portfolio as it moved from a supply-driven to demand-driven business model. She was the architect of the company's strategy to expand into broader snacking categories and oversaw the acquisitions of Krave and barkThins brands.
"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," said Pamela Arway, chair of the Governance Committee of Hershey's board and chair of the committee overseeing the CEO succession process.
"I am honored to be chosen as the next leader of this innovative and pioneering business," Buck said. "I also would like to thank JP [John P. Bilbrey] 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."
The Hershey Co., with headquarters in Hershey, Pa., is a global confectionery company with more than 80 brands that drive more than $7.4 billion in annual revenues, including Hershey's, Reese's, Hershey's Kisses, Jolly Rancher, Ice Breakers and Brookside. Earlier this year, Hershey rejected a takeover bid from Deerfield, Ill.-based snack maker Mondelez.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.