Wendy’s CEO Kirk Tanner announced his departure after one year to lead Hershey Company despite the fast-food chain facing declining sales and stock price decline.
Hershey announced in January that their CEO Michele Buck would retire during 2025. Tanner will start his role at Hershey on August 18 after his departure from Wendy’s the following month. Wendy’s CFO Ken Cook will serve as acting CEO until Wendy’s finds a permanent replacement.
The departure of Wendy’s CEO Kirk Tanner occurs during a difficult time for the company. The chain faces declining sales because consumers have reduced their spending habits while its stock value has dropped by 31% throughout the year. The brand transformation efforts and market share recovery strategies have not produced significant positive outcomes according to analysts.
The leadership transition creates uncertainty for Wendy’s before their August 8 earnings announcement. Consumer Edge analyst Michael Gunther described the timing as unpropitious because Wendy’s needs to match the growth rate of its competitors.
Tanner takes over at Hershey during a period when the company faces challenges from rising prices and cocoa costs as well as new trade barriers. The analysts view his background at PepsiCo and Wendy’s as evidence of his ability to provide stability in leadership. The strategic focus will be essential for Hershey according to Morningstar’s Erin Lash who does not anticipate major changes.
