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    Hershey Co (HSY)

    CEO Change

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    The Hershey Company is a global leader in the confectionery industry, renowned for its production of chocolate, sweets, mints, and other snacks. The company operates through three main segments: North America Confectionery, North America Salty Snacks, and International, with its products marketed under more than 90 brand names in approximately 80 countries worldwide . Hershey is the largest producer of quality chocolate in North America and has expanded its portfolio through strategic acquisitions to enhance its product offerings .

    1. North America Confectionery - Dominates the company's portfolio with iconic brands like Hershey's, Reese's, and Kisses, and includes non-chocolate confectionery brands such as Jolly Rancher and Twizzlers, as well as pantry items like baking ingredients and toppings .
    2. North America Salty Snacks - Features products like SkinnyPop popcorn and Dot's Homestyle Pretzels, contributing significantly to the company's growth .
    3. International - Encompasses operations outside North America with products tailored to regional markets, including Pelon Pelo Rico in Mexico and Sofit in India .
    NamePositionStart DateShort Bio
    Deepak BhatiaSenior Vice President, Chief Technology OfficerOctober 23, 2023Deepak Bhatia joined Hershey as the Senior Vice President, Chief Technology Officer. He previously held roles at Amazon.com, Inc., including Vice President of Supply Chain Optimization Technologies .
    Michele G. BuckChairman of the Board, President, and CEOOctober 2019Michele G. Buck has been with Hershey for over 19 years, serving as Chairman, President, and CEO since October 2019. She has extensive experience in marketing, consumer products, and strategy .
    Rohit GroverPresident, InternationalApril 2019Rohit Grover has been President, International since April 2019. He was previously Vice President, General Manager, General China starting in January 2017 .
    Jennifer L. McCalmanVice President, Chief Accounting OfficerFebruary 23, 2021Jennifer L. McCalman joined Hershey as Vice President, Chief Accounting Officer in February 2021. She was previously Senior Director and Assistant Controller at Keurig Dr. Pepper .
    Charles R. RaupPresident, U.S. ConfectionNovember 2022Charles R. Raup served as President, U.S. Confection until his retirement in September 2024. He was succeeded by Michael Del Pozzo .
    Jason R. ReimanSenior Vice President, Chief Supply Chain OfficerJune 2019Jason R. Reiman has been Senior Vice President, Chief Supply Chain Officer since June 2019. He previously served as Vice President, Supply Chain Operations .
    Kristen J. RiggsPresident, Salty SnacksNovember 2022Kristen J. Riggs has been President of Salty Snacks since November 2022. She previously held roles such as Senior Vice President, Chief Growth Officer .
    Christopher M. ScaliaSenior Vice President, Chief Human Resources OfficerJanuary 2020Christopher M. Scalia has been Senior Vice President, Chief Human Resources Officer since January 2020. He was previously Vice President, Global Human Resources .
    James TuroffSenior Vice President, General Counsel and SecretaryMay 2021James Turoff has been Senior Vice President, General Counsel and Secretary since May 2021. He previously served as Acting General Counsel .
    Steven E. VoskuilSenior Vice President, Chief Financial OfficerMay 13, 2019Steven E. Voskuil has been Senior Vice President, Chief Financial Officer since May 2019. He was previously CFO at Avanos Medical, Inc. .
    Michael Del PozzoPresident, U.S. ConfectionSeptember 16, 2024Michael Del Pozzo was appointed President, U.S. Confection effective September 16, 2024. He previously had a 23-year career at PepsiCo .
    1. Given the significant increase in pricing competition in international markets such as Mexico and Brazil, where you've seen higher levels of competition and are a smaller player, how do you plan to protect or grow your market share in these regions while maintaining profitability?

    2. With increased competition domestically from private labels and smaller players impacting your take-home segment, especially as barriers to entry have lowered due to digital media, what specific strategies are you implementing to strengthen your position and revitalize your offerings in this segment?

    3. Your gross margins in the recent quarter came in below expectations, partly due to negative sales mix and volume deleverage; how do you plan to address these issues and improve gross margin performance moving forward?

    4. With the expected significant step-up in cocoa and sugar costs next year, leading to higher inflation rates than this year, how do you plan to manage these headwinds? Will you consider further pricing actions, and how might this impact volume and elasticity?

    5. You mentioned seeing only a mild impact from GLP-1 drugs on your categories, but given that multiple data sources indicate consumers on these medications are consuming disproportionately less of your products, how are you proactively adjusting your product portfolio and marketing strategies to mitigate potential long-term risks?

    Program DetailsProgram 1
    Approval DateDecember 2023
    End Date/DurationNo expiration date
    Total additional amount$500 million
    Remaining authorization amount$470 million
    DetailsCommenced after May 2021 authorization completion; shares purchased will be held as treasury shares
    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2024$300.0 2.050% Notes2.050% 5.7% = (300 / 5,290.3) * 100
    2025$300.0 0.900% Notes0.900% 5.7% = (300 / 5,290.3) * 100
    2025$300.0 3.200% Notes3.200% 5.7% = (300 / 5,290.3) * 100
    2026$500.0 2.300% Notes2.300% 9.5% = (500 / 5,290.3) * 100
    2027$193.6 7.200% Debentures7.200% 3.7% = (193.6 / 5,290.3) * 100
    2028$350.0 4.250% Notes4.250% 6.6% = (350 / 5,290.3) * 100
    2029$300.0 2.450% Notes2.450% 5.7% = (300 / 5,290.3) * 100
    2030$350.0 1.700% Notes1.700% 6.6% = (350 / 5,290.3) * 100
    2033$400.0 4.500% Notes4.500% 7.6% = (400 / 5,290.3) * 100
    2046$300.0 3.375% Notes3.375% 5.7% = (300 / 5,290.3) * 100
    2049$400.0 3.125% Notes3.125% 7.6% = (400 / 5,290.3) * 100
    2050$350.0 2.650% Notes2.650% 6.6% = (350 / 5,290.3) * 100
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP (EY)June 15, 2016 PresentCurrent auditor.
    KPMG LLPN/ADecember 31, 2016 Dismissed as part of a competitive bidding process.

    Recent developments and announcements about HSY.

    Corporate Leadership

      CEO Change

      ·
      Jan 15, 2025, 10:57 PM

      Michele G. Buck, the CEO of The Hershey Company, has announced her intention to retire effective June 30, 2026. She will remain in her current roles until a successor is appointed, after which she will transition to a senior advisor role until her retirement date. The company has initiated a search for her successor, considering both internal and external candidates.

      Leadership Change

      ·
      Jan 15, 2025, 10:57 PM

      Michele G. Buck is leaving her roles as Chairman, President, and CEO of The Hershey Company, with her retirement planned for June 30, 2026. She will transition to a senior advisor role until her retirement. The company has initiated a search for her successor, considering both internal and external candidates.

    Financial Reporting

      Auditor Changes

      ·
      Jun 17, 2016, 12:00 AM

      HSY Changes Auditor

      On June 15, 2016, the Audit Committee of The Hershey Company appointed Ernst & Young LLP (EY) as the company's new independent registered public accounting firm for the fiscal year ending December 31, 2017. This change follows the dismissal of KPMG LLP, which will remain in its role until the completion of the audits for the fiscal year ending December 31, 2016 .