July 8 (Reuters) - Wendy's said on Tuesday its CEO Kirk Tanner was leaving the burger chain after just over a year in the role to take on the top job at chocolate maker Hershey.
For Wendy's, the change at the top comes at a time when it has been grappling with muted sales as macroeconomic volatility pushes more people to eat at home. Its stock is down nearly 31% this year.
Hershey had announced in January that Michele Buck, who had been CEO for over seven years, would retire in 2026 and would transition to a senior advisor role once a replacement was named. Tanner will take over on August 18.
He will depart Wendy's on July 18, the burger chain said in a separate statement, adding that it has appointed its CFO, Ken Cook, as interim chief.
Wendy's also said it has launched a comprehensive search process to select a permanent CEO, and is set to report its second quarter results on August 8. Hershey is expected to report on July 30.
Mary Kay Haben, chair of the Hershey CEO search committee, said that "(Tanner's) deep experience in snacks, beverages, M&A and innovation — combined with public company CEO and board roles — makes him well suited to lead Hershey into the future."
Tanner joins the Reese's Peanut Butter Cups maker as it navigates higher tariff-related costs and still-high cocoa prices amid growing uncertainty around consumer spending.
He was previously a top executive at PepsiCo before moving to head Wendy's in February 2024.
Shares of Hershey fell about 2% in early trading, while Wendy's was down around 1%.
Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo and Sahal Muhammed
Source: Reuters