The Hershey Company has announced that CEO Michele Buck has been appointed to the additional role of chairman.
Buck will continue in her current position as president and chief executive officer of the snacking company, a role she has held since March 2017.
She succeeds chairman Chuck Davis, who will reassume the position of lead independent director, a role he held from May 2017 until his appointment as chairman in May 2018.
Hershey said the combination of the offices of CEO and chairman underscores the board’s confidence the existing management team and Buck.
“For the past couple of years, I’ve had the honour to work closely with Chuck Davis in his role as chairman and it has been an incredible opportunity to learn from one of the best,” said Buck.
“I am privileged to succeed him as he reassumes the role of lead independent director. On behalf of everyone here at Hershey, I’d like to thank Chuck for his continued leadership and sage counsel as we position Hershey for another 125 years of success.”
Davis added: “These changes to our board reflect Michele’s vision and leadership and we look forward to supporting The Hershey Company on its journey to becoming an innovative snacking powerhouse.
“Hershey has a rich legacy of creating shareholder value in a manner that reflects our principles of excellence, togetherness, integrity and making a difference.”
In a statement, Hershey said that under Buck’s leadership the firm “has delivered strong financial results while successfully executing on the strategic vision of the company through portfolio expansion”.
In August, the company entered in an agreement to acquire high-protein snack bar maker One Brands for $397 million.
Hershey said the acquisition will enable it to provide “a competitive offering of brands” in the nutrition bar category.
© FoodBev Media Ltd 2019