Buck intends to serve in her existing roles until her successor is appointed. At that point, she plans to resign from the Board and transition to a senior advisor role until her retirement.
In a statement, the Hershey Board said it had appointed a special committee to direct the search for the Company's next CEO and will consider external and internal candidates in partnership with a nationally recognized search firm.
Anthony Myers
"It has been the pinnacle of my career to lead Hershey, a truly one-of-a-kind company. Our team has created one of the strongest and most recognizable snacking portfolios in the industry, and I am immensely proud of what we have accomplished," said Buck.
"I am a firm believer that our long-term success is rooted in Hershey culture – the spirit of innovation has kept us at the forefront of new and changing trends to best serve our customers and consumers, made us a stronger partner for our communities, and contributed to significant value creation for our shareholders.
“This year will be my 20th at Hershey, and as we embark on a new year, I believe now is the right time to formally activate our succession planning and begin the transition to Hershey's next leader."
Buck’s Hershey legacy
Michele Buck has been a transformative leader for The Hershey Company since becoming its first female Chairman, President, and CEO in March 2017. Her tenure has been marked by strategic diversification, innovative growth, and navigating significant industry challenges.
Snacking powerhouse
Under Buck’s leadership, Hershey expanded beyond its traditional confectionery roots to become a broader snacking powerhouse. She spearheaded acquisitions of popular snack brands, including SkinnyPop popcorn, Pirate’s Booty cheese puffs, and Dot’s Homestyle Pretzels, effectively broadening the company’s portfolio and tapping into the growing demand for healthier snack options. 
These strategic moves were complemented by innovations within Hershey’s core brands, such as introducing new product variations and enhancing marketing efforts. Buck’s focus on innovation and brand development has been instrumental in maintaining Hershey’s relevance in a rapidly evolving market. 
Industry challenges
Despite these successes, Buck’s tenure has not been without challenges. At the time of writing, rival confectionery giant Mondelēz International is reportedly exploring a potential acquisition of The Hershey Company.
Anthony Myers
Reese ownership
In a Linkedin post, Brad Reese (the grandson of HB Reese) said he encourages a takeover of The Hershey Company, “as I look forward to a future where the REESE'S brand will no longer be encumbered by the stifling ownership of The Hershey Company / Hershey Trust Company / Milton Hershey School.”
Any agreement would require the Hershey Trust’s approval and careful navigation of Pennsylvania laws designed to protect the company’s legacy and local interests.
According to Reese: “Should the Hershey Trust Company decide to sell its controlling interest in The Hershey Company, consider it to be a ‘done deal’ as the Pennsylvania Office of Attorney General will have to prove that such a deal is unnecessary, something the Pennsylvania Office of Attorney General is ‘ill-equipped’ to perform.
It’s not clear at this stage whether Buck’s decision to leave the company is related to the takeover talks.
Rising cocoa prices
Another problem that will not go away is that the company, along with other chocolate makers, is faced with rising cocoa prices, which have increased production costs, and shifting consumer preferences, including a decline in demand for traditional chocolate products. Additionally, the proliferation of weight-loss drugs and heightened scrutiny over processed foods poses further obstacles for the confectionery sector.
In response to these issues, Buck implemented measures such as adjusting packaging sizes, enhancing marketing strategies, and focusing on product innovation to meet changing consumer demands.
Her leadership demonstrated resilience and adaptability during these times, ensuring Hershey remained competitive. The Hershey Company has also made significant strides in promoting gender equality and fostering a diverse and inclusive workplace.
Gender diversity
When Buck became Hershey’s first female CEO in March 2017 it marked a historic milestone for the company. Under her guidance, Hershey has prioritized gender diversity across all levels of the organization.
As of 2020, women comprised 48.1% of the global workforce, with 37.4% holding leadership positions, and the Board of Directors achieved 42% gender diversity. 
In 2020, Hershey achieved dollar-for-dollar aggregate gender pay equity for US salaried employees, ensuring that women receive equal pay for equal work. The company is on track to extend this achievement globally by 2025. 
‘World’s Top Female Friendly Companies’
Hershey’s commitment to gender equality has garnered significant recognition. In 2021, Forbes ranked Hershey the number one company on its list of the “World’s Top Female Friendly Companies,” reflecting its supportive policies and inclusive culture. 
Hershey has also engaged in external campaigns to promote gender equality. For example, Brazil's “HerSHEy” project highlighted female artists by featuring their work on Hershey’s chocolate bars. This project brought attention to gender disparities in the art world and supported women’s contributions to the arts. 
Through these efforts, Buck has reinforced Hershey’s dedication to gender equality, created a more inclusive and equitable workplace, and set a benchmark for the industry.
Without a doubt, Michele Buck’s leadership has positioned Hershey as a diversified snacking leader, well-prepared to continue its legacy of growth and adaptation in the dynamic food industry landscape, whoever takes ultimate control of the company.
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