Wendy's Chief Executive Officer resigns to assume the leading role at Hershey Corporation, following a short stint.
Wendy's, the popular fast-food chain, is undergoing a significant leadership change as its CEO, Kirk Tanner, is set to leave the company and join The Hershey Company. Tanner, who has spent over three decades at PepsiCo, will assume the role of President and CEO at Hershey, effective August 18, 2025.
Tanner's departure from Wendy's comes at a time when the company is grappling with fewer sales and underperforming compared to its peers in recent months. This has resulted in a nearly 31% drop in Wendy's stock since the beginning of the year. In response, Wendy's has announced plans to close 140 restaurants by the end of the year and is reportedly searching for a new CEO to steer the company forward.
Ken Cook, currently the CFO of Wendy's, has been appointed as the interim CEO while the search for a permanent successor is underway. Cook's appointment marks a return to the top position for him, as he had previously served as Wendy's CEO from 2011 to 2015.
Meanwhile, Tanner's departure from Wendy's is scheduled for July 18. Prior to joining Wendy's, Tanner spent more than three decades at PepsiCo, Inc., where he held various senior leadership positions, including serving as CEO of PepsiCo Beverages North America.
Tanner's move to The Hershey Company is a strategic one, as he will be tasked with transforming Hershey's snacking business. The Hershey Company is currently dealing with greater costs related to tariffs and high prices of cocoa.
The departure of Tanner and the impending retirement of Michele Buck, current CEO of The Hershey Company, marks a significant leadership transition for both companies. Buck will work with Tanner during the transition in a senior advisory role.
Wendy's and The Hershey Company have not provided any immediate comments regarding the situation. It remains to be seen how these changes will impact both companies and their respective industries.
Capital markets may see shifts with Kirk Tanner's departure from Wendy's, as stock prices have dropped significantly this year. As interim CEO, Ken Cook will lead the fast-food chain amidst plans to close 140 restaurants and find a permanent successor. In finance, Tanner's move to The Hershey Company is aimed at transforming their snacking business, facing increased costs due to tariffs and cocoa prices. This leadership transition, with Tanner replacing Michele Buck at Hershey, may also influence the food-and-drink industry. The lifestyle impact is uncertain, but these changes could possibly influence the future direction of both companies' business strategies.
