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Hershey Media Report 12/21/16
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Hershey appoints Chief Operating Officer Buck as CEO
Dec 21, 2016 | Reuters
By Aravind K
U.S. chocolate maker Hershey Co (HSY.N) named Chief Operating Officer Michele Buck as its chief executive and president, effective March 1. -
Hershey Names Michele Buck as Next CEO of Candy Maker
Dec 21, 2016 | Associated Press
Hershey Co. named Michele Buck president and CEO to replace John Bilbrey, who is retiring from his executive role at the candy maker. -
Michele Buck named new CEO at Hershey
Dec 21, 2016 | Wall Street Journal
By Josh Beckerman
Hershey Co. said Chief Operating Officer Michele Buck will be its next president and chief executive, effective March 1. Chief Executive J.P. Bilbrey said in October that he would step down, following months of failed negotiations to sell the company to Mondelez International Inc. -
Hershey names Buck as new CEO
Dec 21, 2016 | Financial Times
By Pan Kwan Yuk
A sweet promotion for Hershey’s chief operating officer. The chocolate maker said on Wednesday that Michele Buck, its current COO, will succeed John P. Bilbrey as chief executive next March. -
Hershey Names 11-Year Vet Michele Buck to CEO Post
Dec 21, 2016 | Fortune
By John Kell
Hershey has named 11-year veteran Michele Buck to serve as the chocolate maker's next president and CEO, an appointment that comes at a time when Big Food manufacturers find themselves challenged by smaller startup rivals. -
Hershey Co, promotes COO to CEO, succeeding Bilbrey
Dec 21, 2016 | Lancaster Online
By Tim Mekeel
The Hershey Co. said Wednesday it has promoted from within to fill the upcoming vacancy at CEO. Named president and chief executive officer is Michele G. Buck. The change is effective March 1. -
Hershey Company names new CEO
Dec 21, 2016 | Lebanon Daily News
The Hershey Company has named Michelle Buck as its new president and chief executive officer effective March 1, 2017. -
Hershey chocolate company promotes Michele Buck to CEO
Dec 21, 2016 | Philadelphia Inquirer
By Bob Fernandez
Hershey Co. promoted Michele Buck to chief executive officer as the Pennsylvania chocolate giant faces shifts in consumer food consumption and a consolidating global confection industry. The change is effective March 1, the company said on Wednesday. Buck, who has been with Hershey since 2005 and is chief operating officer, replaces John Bilbrey who announced in October he would be retiring as CEO. Bilbrey will remain as non-executive chairman. The nation's largest chocolate marker is controlled by the scandal-plagued Milton Hershey School for impoverished children, also in Hershey, Pa. -
Hershey Co. names central Pa native as new CEO
Dec 21, 2016 | Pennsylvania Live
By Nick Malawskey
The Hershey Co. has named Michele Buck as the new CEO of the company. Buck, who is a native of central Pennsylvania, will take over from outgoing CEO John P. Bilbrey in March. -
Hershey announces next President and CEO of company
Dec 21, 2016 | Fox43 Central Pennsylvania
By Kelly Waterfall
The Hershey Company has announced that its Board of Directors has appointed Michele Buck, currently the company’s Executive Vice President and Chief Operating Officer, as Hershey’s next President and Chief Executive Officer effective March 1, 2017. Buck will succeed John P. Bilbrey, who previously announced his intention to retire from the company. Bilbrey will continue as Non-Executive Chairman of Hershey’s Board of Directors following his retirement. -
Michele Buck will be new Hershey CEO
Dec 21, 2016 | Central Penn Business Journal
By Roger Dupuis
It didn't take long for The Hershey Co. to find a new CEO, and the candymaker stayed in-house. Two months after the company announced that CEO John P. Bilbrey would step down next year, executive vice president and COO Michele Buckhas been named as his replacement. -
Hershey names Michele Buck as new president, ceo
Dec 21, 2016 | Candy Industry
By Alyse Thompson
The Hershey Co. has a new leader. Michele Buck, the company’s executive v.p. and coo, will become the confectionery giant’s new president and ceo, effective March 1. -
ABC27 News
Dec 21, 2016 | ABC Harrisburg, PA
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Hershey appoints Chief Operating Officer Buck as CEO
Dec 21, 2016 | Reuters
By Aravind K
U.S. chocolate maker Hershey Co (HSY.N) named Chief Operating Officer Michele Buck as its chief executive and president, effective March 1.
Buck will succeed John Bilbrey, who said in October he would retire as CEO and president. He will continue as the non-executive chairman, the company had said.Buck, who joined Hershey in 2005, was the architect of the company's expansion into broader snacking categories and oversaw the acquisitions of Krave and barkThins brands, the company said on Wednesday.
The maker of Hershey's Kisses, which rejected a $23 billion offer from Mondelez International Inc (MDLZ.O) in August, is now working to cut costs by consolidating its supply chain and some factories in China and North America, and spending less on advertising.
Buck may also have to contend with the plans of the charitable trust that controls Hershey. The trust in July reached a major reform agreement with its overseer, the Pennsylvania attorney general's office.
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Hershey Names Michele Buck as Next CEO of Candy Maker
Dec 21, 2016 | Associated Press
Hershey Co. named Michele Buck president and CEO to replace John Bilbrey, who is retiring from his executive role at the candy maker.
The company said Wednesday that Buck, executive vice president and chief operating officer, takes her new post March 1. She joined the company in 2005 and has focused on initiatives including Hershey's expansion into broader snacking categories.
Bilbrey will stay on as non-executive chairman of the board.
Earlier this year, the Hershey, Pennsylvania-based company rejected a preliminary takeover offer from Oreo maker Mondelez. The roughly $22.3 billion deal would have created a global powerhouse selling some of the world's best-known chocolates and snacks.
Bilbrey announced his retirement in October.
Hershey shares closed up 56 cents at $103.17. The stock is up 15.6 percent so far this year.
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Michele Buck named new CEO at Hershey
Dec 21, 2016 | Wall Street Journal
By Josh Beckerman
Hershey Co. said Chief Operating Officer Michele Buck will be its next president and chief executive, effective March 1.
Chief Executive J.P. Bilbrey said in October that he would step down, following months of failed negotiations to sell the company to Mondelez International Inc.
Hershey said Wednesday that Mr. Bilbrey will remain nonexecutive chairman.
Ms. Buck joined the company in 2005. Hershey credited her with “many successful growth initiatives and strategic shifts,” calling her the architect of its expansion into broader snacking categories.
Industry analysts considered Ms. Buck the leading contender for the CEO post when Mr. Bilbrey announced his retirement. She has more than two decades of experience in branding and marketing at Frito Lay, Kraft, Nabisco and Hershey. Hershey promoted Ms. Buck to chief operating officer in June.
Hershey, whose brands include Reese’s Peanut Butter Cups and Jolly Ranchers, rejected two bids from Mondelez over the summer.
A deal would require the approval of the Hershey Trust, the company’s largest shareholder, which has opposed a sale in the past.
Like many iconic food brands, Hershey has contended with upscale competitors and increased consumer focus on healthier ingredients.
Hershey has tried to make its namesake candy bar and chocolate Kisses more appealing to Americans by simplifying the ingredients—using cane sugar instead of high fructose corn syrup, for instance.
The company reported a better-than-expected profit in the third quarter as sales rose 2.2% to $2 billion.
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Dec 21, 2016 | Financial Times
By Pan Kwan Yuk
A sweet promotion for Hershey’s chief operating officer.
The chocolate maker said on Wednesday that Michele Buck, its current COO, will succeed John P. Bilbrey as chief executive next March.
Mr Bilbrey said in October he was retiring in order to spend more than with his family.
The appointment of Ms Buck, a 11-year company veteran, comes just months after Hershey rejected a $23bn unsolicited takeover offer from snack giant Mondelez International earlier this summer.
As CEO, Ms Buck will have to navigate an increasingly crowded market for snacks and find new ways to growth sales and profits.
According to Hershey, since joining in 2005, Ms Buck “has spearheaded the development and execution of many successful growth initiatives and strategic shifts at the company,” and was the architect of its strategy to expand into broader snacking categories with the the acquisitions of KRAVE and barkThins brands.
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Hershey Names 11-Year Vet Michele Buck to CEO Post
Dec 21, 2016 | Fortune
By John Kell
Hershey has named 11-year veteran Michele Buck to serve as the chocolate maker's next president and CEO, an appointment that comes at a time when Big Food manufacturers find themselves challenged by smaller startup rivals.
Buck, who currently serves as COO at Hershey, will officially begin to steer the company on March 1. She succeeds John P. Bilbrey, who in October had announced his intention to retire from the candy maker in 2017. The maker of the namesake chocolate, Reese's, and Twizzlers said that compensation arrangements for both Buck and Bilbrey—who will continue as non-executive chairman of the board—hasn't yet been determined.
Since joining Hershey in 2005, Buck has steered a few notable strategies including the acquisitions of Krave beef jerky and healthy chocolate brandbarkThins. She also spearheaded the company's growing core confection portfolio. Buck, who is 55, was picked to serve as CEO after Hershey said it reviewed both internal and external candidates as it mulled the succession.
Like many of the nation's largest food and beverage manufacturers, Hershey has faced some sales challenges as it confronts changing consumer preferences that include a move away from big established brands in favor of upstart rivals—a trend that has led to some deal-making like the acquisitions Hershey has been involved in. Still, sales growth remains a challenge for most. Hershey'ssales slipped in 2015 to $7.39 billion from $7.42 billion the prior year. Hershey is predicting a slim increase of just around 1% for 2016.
Hershey even found itself the takeover target of snacking giant Mondelez (MDLZ, +1.24%), a deal that died earlier this year after Mondelez said it realized that there was no path forward toward an agreement. The potential $23 billion hostile takeover effort was stonewalled by the Milton Hershey Trust, which controls 80% of shareholder votes at Hershey. Buck will now be responsible for leading Hershey into the future as a stand-alone company.
The appointment of Buck is notable for a few reasons. With Hershey's $7.4 billion in annual revenue, she will become one of just 25 women to run a Fortune 500 company. Hershey ranked #362 on the most recent list. Her appointment also adds another women to the growing list of female executives that steer Big Food companies. Other notable executives on that list include PepsiCo's (PEP, -0.19%) Indra Nooyi, Campbell Soup's (CPB, +0.13%) Denise Morrison, and Mondelez's Irene Rosenfeld—all who rank on Fortune's Most Powerful Women list.
The changing of the guard at Hershey is also the third notable change at the top of a major food and beverage brand this month. The long-serving CEOs ofStarbucks (SBUX, -0.45%) and Coca-Cola (KO, -0.22%)—Howard Schultz and Muhtar Kent, respectively—each announced their intentions to step down from those roles in 2017.
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Hershey Co, promotes COO to CEO, succeeding Bilbrey
Dec 21, 2016 | Lancaster Online
By Tim Mekeel
The Hershey Co. said Wednesday it has promoted from within to fill the upcoming vacancy at CEO.
Named president and chief executive officer is Michele G. Buck. The change is effective March 1.
She’ll succeed the retiring John P. Bilbrey as the head of the nation’s largest candy maker.
Buck, age 55, has been Hershey’s executive vice president and chief operating officer since June. She joined Hershey in 2005 as president of its U.S. snacks division.
Before joining Hershey, Buck served 17 years at Kraft/Nabisco in numerous senior positions and at the Frito-Lay division of PepsiCo.
In a prepared statement, Bilbrey lauded Buck for having “consistently displayed a keen sense for how to grow our iconic brands.”
Hershey credited Buck for spearheading the company’s “substantial growth in its core confection portfolio,” developing Hershey’s strategy “to expand into broader snacking categories” and overseeing the acquisitions of KRAVE and barkThins.
Outside the company, Buck serves on the board of directors at New York Life and as a benefit co-chair for the Children’s Brain Tumor Foundation.
A native of central Pennsylvania, Buck earned a bachelor’s degree at Shippensburg University and an MBA from the University of North Carolina at Chapel Hill.
Bilbrey, age 60, announced on Oct. 14 he was stepping down after five years as chairman, president and CEO. He will become a non-executive chairman.
Hershey said the company has yet to determine the pay of Buck and Bilbrey in their new positions.
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Dec 21, 2016 | Lebanon Daily News
The Hershey Company has named Michelle Buck as its new president and chief executive officer effective March 1, 2017.
Current President and CEO John Bilbrey, who previously announced his intention to retire, will remain as non-executive chairman of Hershey’s Board of Directors, according to a news release.
Buck joined the company in 2005. She oversaw the company’s expansion into broader categories of snacks, including the acquisitions of the KRAVE and barkThins brands.
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"She has consistently displayed a keen sense for how to grow our iconic brands,” Bilbrey said in the news release. “The unanimous vote by the board is a testament to the confidence we have in Michele as the next leader of this great company.”
Buck said she is “honored to be chosen as the next leader of this innovative and pioneering business.”
“The opportunity ahead for Hershey is tremendous, and to take advantage of it will require a clear focus on meeting the evolving needs of consumers while moving quickly to stay ahead of the trends shaping our business,” she said in the news release.
The Hershey Company has more than 21,000 employees, $7.4 billion in annual revenues, and 80 brands.
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Hershey chocolate company promotes Michele Buck to CEO
Dec 21, 2016 | Philadelphia Inquirer
By Bob Fernandez
Hershey Co. promoted Michele Buck to chief executive officer as the Pennsylvania chocolate giant faces shifts in consumer food consumption and a consolidating global confection industry. The change is effective March 1, the company said on Wednesday. Buck, who has been with Hershey since 2005 and is chief operating officer, replaces John Bilbrey who announced in October he would be retiring as CEO. Bilbrey will remain as non-executive chairman. The nation's largest chocolate marker is controlled by the scandal-plagued Milton Hershey School for impoverished children, also in Hershey, Pa.
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Hershey Co. names central Pa native as new CEO
Dec 21, 2016 | Pennsylvania Live
By Nick Malawskey
The Hershey Co. has named Michele Buck as the new CEO of the company. Buck, who is a native of central Pennsylvania, will take over from outgoing CEO John P. Bilbrey in March.
Bilbrey will remain as the non-executive chairman of the company's Board of Directors following his retirement, the company said in a statement. Buck is currently the company's executive vice president and chief operating officer.
Buck joined the Derry Township-based chocolate company in 2005, having previously worked for Kraft Confections, a business that included the Life Savers, Altoids, CremeSavers and Toblerone brands. She also previously held marketing positions with Frito-Lay and Kraft General Foods.
At Hershey, Buck has previously served as a senior vice president and global marketing officer, as well as senior vice president, chief growth officer. Per Hershey, Buck was the architect of the company's strategy to expand into broader snacking categories and oversaw the acquisitions of KRAVE and barkThins brands.
In a statement, Bilbrey said Buck, "is a proven leader who, during 11 years at Hershey and more than 25 years as an executive in the consumer packaged goods industry, has a demonstrated track record of building brands consumers love while bringing out the best in employees amid a rapidly changing business environment."
Hershey has approximately 21,000 employees around the world, with more than 80 brands and $7.4 billion in annual revenues. While publicly traded, the Milton Hershey School Trust owns a controlling interest in the company as part of its portfolio, which is used to fund the operation of the Milton Hershey School, also in Derry Township.
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Hershey announces next President and CEO of company
Dec 21, 2016 | Fox43 Central Pennsylvania
By Kelly Waterfall
The Hershey Company has announced that its Board of Directors has appointed Michele Buck, currently the company’s Executive Vice President and Chief Operating Officer, as Hershey’s next President and Chief Executive Officer effective March 1, 2017. Buck will succeed John P. Bilbrey, who previously announced his intention to retire from the company. Bilbrey will continue as Non-Executive Chairman of Hershey’s Board of Directors following his retirement.
“Michele is a proven leader who, during 11 years at Hershey and more than 25 years as an executive in the consumer packaged goods industry, has a demonstrated track record of building brands consumers love while bringing out the best in employees amid a rapidly changing business environment,” said Bilbrey. “She has consistently displayed a keen sense for how to grow our iconic brands. The unanimous vote by the board is a testament to the confidence we have in Michele as the next leader of this great company,” he said.
Buck joined the company in 2005, and has spearheaded the development and execution of many successful growth initiatives and strategic shifts at the company. One of her most notable projects is Hershey’s substantial growth in its core confection portfolio as it moved from a supply- to demand-driven business model. She was also the architect of the company’s strategy to expand into broader snacking categories and oversaw the development of KRAVE and barkThins brands.
“Hershey is an incredibly special company with a rich 120-year history of bringing goodness to the world,” said Buck. “I am honored to be chosen as the next leader of this innovative and pioneering business. The opportunity ahead for Hershey is tremendous, and to take advantage of it will require a clear focus on meeting the evolving needs of consumers while moving quickly to stay ahead of the trends shaping our business,” she said.
“I look forward to working closely with our board and the entire Hershey team to further our vision for 2017 and beyond,” said Buck. “I also would like to thank JP for his leadership, mentorship and friendship over the last several years. It is an honor to be succeeding him as CEO and I look forward to his continued guidance as chairman of our board.”
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Michele Buck will be new Hershey CEO
Dec 21, 2016 | Central Penn Business Journal
By Roger Dupuis
It didn't take long for The Hershey Co. to find a new CEO, and the candymaker stayed in-house.
Two months after the company announced that CEO John P. Bilbrey would step down next year, executive vice president and COO Michele Buckhas been named as his replacement.
She will step into the position effective March 1, 2017.
"Michele is a proven leader who, during 11 years at Hershey and more than 25 years as an executive in the consumer packaged goods industry, has a demonstrated track record of building brands consumers love while bringing out the best in employees amid a rapidly changing business environment," said Bilbrey.
"She has consistently displayed a keen sense for how to grow our iconic brands," he added. "The unanimous vote by the board is a testament to the confidence we have in Michele as the next leader of this great company."
Hershey is based in Derry Township, Dauphin County.
Bilbrey will continue as non-executive chairman of Hershey’s board of directors. His total compensation package last year was $10.8 million, down from $17.7 million in 2014.Buck's experience
Buck, who joined Hershey in 2005, "has spearheaded the development and execution of many successful growth initiatives and strategic shifts at the company," officials said Wednesday, "most notably Hershey’s substantial growth in its core confection portfolio as it moved from a supply- to demand-driven business model.
She was the architect of Hershey's strategy to expand into broader snacking categories, officials said, overseeing the acquisitions of Krave Jerky last year, and the barkThins brand earlier this year.
Both were described as moves that helped Hershey branch out beyond its traditional confection portfolio.
"Hershey is an incredibly special company with a rich 120-year history of bringing goodness to the world," Buck said. "I am honored to be chosen as the next leader of this innovative and pioneering business."
"The opportunity ahead for Hershey is tremendous, and to take advantage of it will require a clear focus on meeting the evolving needs of consumers while moving quickly to stay ahead of the trends shaping our business," she added.
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Hershey names Michele Buck as new president, ceo
Dec 21, 2016 | Candy Industry
By Alyse Thompson
The Hershey Co. has a new leader.
Michele Buck, the company’s executive v.p. and coo, will become the confectionery giant’s new president and ceo, effective March 1. She succeeds John P. Bilbrey, who announced his intention to retire in October.
Buck has been with Hershey for 11 years and has served as an executive in the consumer packaged good industry for 25 years. She was named executive v.p. and coo in June.
Bilbrey, who was named president and ceo in 2011, said he wanted to “hand over the reins” to spend more time with his family and grandchildren. He will remain as non-executive chairman of Hershey’s Board of Directors after his retirement in July.
Bilbrey said Buck has a “demonstrated track record of building brands consumers love while bringing out the best in employees.
“She has consistently displayed a keen sense for how to grow our iconic brands,” he says. “The unanimous vote by the board is a testament to the confidence we have in Michele as the next leader of this great company.”
Since joining Hershey, Buck has spearheaded the development of successful growth initiatives and strategic shifts, most notably in Hershey’s core confectionery portfolio as it moved from a supply- to demand-driven business model. She was the architect of the company’s strategy to expand into broader snacking categories and oversaw the acquisitions of KRAVE and barkThinsbrands.
“As the board contemplated the right strategic leader for the next great chapter in Hershey’s history, it quickly became apparent that Michele offered the right mix of outstanding vision and proven execution to continue taking our company forward,” says Pamela Arway, chairperson of Hershey’s Board of Directors Governance Committee and of the board’s special committee overseeing the CEO succession process.
Buck says she looks forward to working with Hershey’s board and its executive team. She also thanked Bilbrey for his service.
“I am honored to be chosen as the next leader of this innovative and pioneering business,” Buck says. “The opportunity ahead for Hershey is tremendous, and to take advantage of it will require a clear focus on meeting the evolving needs of consumers while moving quickly to stay ahead of the trends shaping our business.”
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Dec 21, 2016 | ABC Harrisburg, PA
View clip here: http://beta.criticalmention.com/app/#clip/view/25440118?token=9931a2ed-ae4f-49dd-9310-2461492c98a1
Rough transcript: the hershey company announcing new leadership this afternoon. chief operating officer michelle buck will become the company's new c.e.o. in march and take over for john billbrey who stepped down after the failed takeover bid this summer. before joining the hershey company 11 years ago michele buck worked for kraft.
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