A veteran of PepsiCo and current CEO of The Wendy’s Company, Tanner steps into the role following the departure of Buck (announced earlier this year), who transformed Hershey into a ‘Leading Snacking Powerhouse’ during her seven-year tenure.
Now, as global cocoa price volatility, US trade tensions, and shifting consumer dynamics rattle the industry, Tanner must prove he can do more than just manage brands—he must navigate a market in flux.
A Legacy of Growth—and a Tough Act to Follow
Buck’s era at Hershey was marked by decisive portfolio diversification. Under her leadership, the company leaned into savoury snacking, acquiring brands like Dot’s Pretzels and SkinnyPop, while growing non-chocolate categories at a double-digit pace. She also built investor confidence, with Hershey outperforming many of its peers in both profitability and brand loyalty.
But recent quarters have exposed growing pressures:
- High cocoa prices are compressing margins across the chocolate sector.
- Competition from private-label brands is intensifying.
- US tariffs and global economic uncertainty pose threats to cost structures and export potential.
Tanner, therefore, inherits not just Buck’s strategic roadmap, but also a set of unresolved pressures likely to define his first 12–18 months.
Tanner’s Track Record: Operational Rigour Meets Consumer Savvy
Tanner is best known for his operational discipline and brand-building expertise across PepsiCo’s beverage and foodservice divisions, as well as his recent experience at Wendy’s. His time at PepsiCo demonstrated an ability to manage large, complex portfolios and respond to evolving consumer preferences, primarily through premium innovation and bold marketing.
What he brings to Hershey:
- Deep food and beverage experience: Tanner’s experience in scaling operations and managing margins at PepsiCo will be crucial as Hershey grapples with rising input costs, not just cocoa, but also packaging, sugar, and logistics.
- Focus on execution: His “three Cs” mantra—Consumers, Customers, and Colleagues—is a clear nod to stakeholder-centred leadership, but the practicalities of supply chain disruptions and inflationary headwinds will test it.
- M&A fluency: Analysts expect Hershey to remain active in the snacking M&A space. Tanner’s history of managing global portfolios could signal further international growth ambitions or bolt-on acquisitions in adjacent categories, such as protein snacks or functional foods.
"I am truly honoured to be chosen as the next leader of a company I've long admired," said Tanner. "Leading Hershey is a once-in-a-lifetime opportunity to make a difference with loved brands, and I look forward to working closely with the Board of Directors and the entire team to advance our Leading Snacking Powerhouse ambition."
Anthony Myers
Challenges Ahead: Cocoa, Competition, and Consumer Realignment
Despite Hershey’s strong brand equity, Tanner will face four immediate obstacles:
1. Cocoa Price Shock
With cocoa futures having hit record highs earlier this year, Hershey’s gross margins have come under pressure. Unlike chocolate competitors such as Barry Callebaut, Hershey lacks a built-in buffer like the cost-plus model and must rely on hedging, pricing adjustments, and innovation to protect profits. A key early test will be whether Tanner chooses to absorb costs, pass them on to consumers, or restructure supplier relationships.
2. Changing Consumer Behaviour
US consumers are trading down from premium chocolate due to cost-of-living pressures. Growth is now skewing toward discount retailers, private labels, and functional snacking. Tanner will need to revitalise core chocolate lines while accelerating Hershey’s non-chocolate and better-for-you product strategy.
3. Global Growth vs. Domestic Saturation
Hershey still derives over 85% of its revenue from North America. If Tanner’s appointment signals anything, it’s a renewed push for international expansion, particularly in high-growth snacking markets in Asia and Latin America. Still, this also comes with increased exposure to geopolitical and regulatory risks.
4. Sustainability and ESG Scrutiny
As chocolate brands face growing demands for supply chain transparency and compliance with regulations such as the EU Deforestation Regulation (EUDR), Tanner will need to reinforce Hershey’s commitments to sustainable sourcing and ethical trade, particularly in relation to cocoa.
The Road Ahead
Tanner takes over at a time of strong internal momentum but external uncertainty. Analysts will watch closely for signs of:
- Portfolio innovation in premium and functional snacking.
- Strategic response to US tariffs and cocoa inflation.
- International expansion strategy.
- Employee and stakeholder engagement during a transitional phase.
The good news for Hershey? Tanner arrives with a clear mandate and a high-performance résumé.
The challenge? Expectations are high, and the confectionery landscape has never been more volatile.
"I am thrilled to see Kirk step into the role and look forward to working closely to help him onboard as he makes the transition to Hershey," said Buck. "Leading this business and having the privilege to work with such an exceptional team to transform Hershey into a multi-category snacking leader— building one of the industry's most robust portfolios and the capabilities to drive current and future growth— has been the greatest honour of my career."
CocoaRadar view
On 1 July 2025, Moody’s Outlook affirmed Hershey’s A1 long-term and A1 senior unsecured ratings, while revising the outlook to Negative. This shift reflects the agency’s concerns over:
- Weakening profitability, driven in large part by elevated cocoa and input costs
- The potential for sustained higher leverage, as the company absorbs cost pressures and continues supporting growth initiatives  
Moody’s A1 rating with a Negative outlook paints a clear marker: the clock is ticking. As Tanner assumes leadership in roughly eight weeks, the imperative is clear: re-establish margin resilience, maintain financial stability, and lend credibility to Hershey’s future growth ambitions.
Will he be able to transition Hershey from cost pain to sustained momentum? The following 12–18 months will be a defining test, and Tanner’s success will depend not only on managing Hershey’s beloved chocolate brands but on reimagining the next chapter of snacking growth in a world that’s changing by the bite.
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