Michele Buck exits Hershey after transforming snacks division to 10% of $11.2B sales

Michele Buck, the outgoing CEO of Hershey Co., is stepping down after an eight-year tenure marked by a bold strategic shift that transformed the company from a traditional chocolate brand into a diversified snacking powerhouse [1]. Under her leadership, Hershey expanded into the salty snacks market through key acquisitions, including Skinny Pop popcorn and Dot’s Homestyle Pretzels. This diversification has grown the snacks division to account for roughly 10% of the company’s total sales, which reached $11.2 billion in 2024 [1]. Buck’s goal was to reduce reliance on confectionery alone and instead capture a wider range of snacking occasions, a move she described as essential for capturing new consumers [1].

Despite the success in the salty snacks category, Buck emphasized during her exit interview that chocolate remains a vital source of emotional well-being for consumers. “Our consumers tell us that chocolate provides emotional well-being,” she said, noting that rising stress levels have amplified the role chocolate plays in people’s lives [1]. This insight highlights the delicate balance Hershey must maintain between innovation in savory offerings and the enduring appeal of its classic chocolate products.

Buck acknowledged that the company’s early foray into acquisitions was not without its challenges. “Our M&A capability was not where it needed to be and we stubbed our toe on a couple of small acquisitions,” she admitted [1]. However, she expressed pride in Hershey’s ability to refine its acquisition strategy over time, focusing on brands with at least $100 million in sales, strong margins, and ease of integration. This approach has enabled the company to build a more resilient and diversified business [1].

As she exits, Buck leaves behind a company better positioned to navigate a rapidly changing food landscape. The challenges she faced during her tenure included navigating the impact of the COVID-19 pandemic and a sharp increase in cocoa prices that squeezed profits and drew criticism from Wall Street. Additionally, she addressed the ongoing pressure from movements such as “Make America Healthy Again,” which call for healthier food choices and have placed added scrutiny on the food and beverage industry [1]. Buck, however, remained confident that these challenges were surmountable and not unprecedented in the sector [1].

The transition is now in the hands of Kirk Tanner, her successor, who brings with him a background as a former CEO of Wendy’s and a shared history with Buck at PepsiCo. Buck hopes that Tanner will continue the momentum in the salty snacks division while preserving the emotional connection consumers have with Hershey’s chocolate [1].

Buck’s leadership also marked a broader milestone: as one of only 55 women CEOs in the Fortune 500, she served as a trailblazer in the industry. Despite being a female leader in a male-dominated sector, she expressed that she never felt isolated. “I didn’t feel different being a female CEO,” she said, noting that many people had supported her throughout her career [1]. Her legacy includes not only a more diversified Hershey but also a path for future women leaders in the corporate world.

[1] Fortune, "Hershey CEO's exit leaves legacy in salty snacks," https://fortune.com/2025/08/18/hershey-ceo-exit-interview-michele-buck-fortune-500-chocolate-salty-snacks/