Hershey Co. (HSY) CEO Michele Buck has announced that she is leaving the chocolate maker.
Buck, who has led Hershey since 2017, will continue in her role and remain on Hershey’s board of directors until summer 2026 while the company searches for her replacement.
News of Buck’s departure comes during a difficult time for the Pennsylvania-based company.
Hershey’s stock has steadily declined in recent years as the price of cocoa, the active ingredient in chocolate, has climbed to record highs.
With cocoa prices forecast to continue rising due to global supply shortages, Hershey recently sought permission to purchase a record amount of the commodity.
The company also recently rebuffed a takeover offer from rival snack food company Mondelez (MDLZ). The takeover rejection angered many of Hershey’s shareholders.
The situation with cocoa prices has also pressured Hershey’s financial results, further depressing the company’s share price.
The situation has led several analysts across Wall Street to downgrade Hershey stock in recent months, citing a gloomy outlook for the company and its products that include Reese’s Peanut Butter Cups and Hershey’s Kisses.
The stock of Hershey has fallen 17% over the last 12 months to trade at $158.20 U.S. per share.
