Wendy's CEO steps down to take top leadership position at Hershey Company after brief tenure
Analyst calls timing 'potentially inopportune' for burger chain
Hershey’s ‘strong brands’ make it a good ‘long-term’ investment: Expert
Solidarity Capital CEO Jeff McClean joins ‘The Claman Countdown’ to discuss Hershey’s outlook in the stock market.
Wendy's CEO Kirk Tanner is stepping down from his role at the fast-food restaurant chain and will soon take over the reins as chief executive at The Hershey Company.
"It has been a privilege to lead Wendy's, an iconic brand, and I leave with a sense of gratitude for our employees and franchisees who make the company a truly special place," Tanner said in a statement.
Tanner — who has served as president and CEO at Wendy's for around 18 months — will depart the burger chain on July 18. He will begin his new role at the chocolate-making company a month later on August 18, according to separate announcements from the two companies.
Tanner — who has served as president and CEO at Wendy's for around 18 months — will depart the burger chain on July 18. (The Hershey Company / Fox News)
Tanner succeeds Michele Buck, who has served as CEO of The Hershey Company for seven years and is slated to retire. Buck will work with him in a senior advisory role to ensure the transition is successful, according to The Hershey Company.
WENDY'S TO CLOSE 140 RESTAURANTS BY THE END OF THE YEAR
Wendy's has appointed Ken Cook, chief financial officer of the restaurant chain, as interim CEO. The company has also begun a search to find its next CEO, Wendy's wrote in its announcement.
Containers of Hershey's chocolate syrup are seen on display in a shop in New York City, U.S., July 20, 2017. (REUTERS/Mike Segar/File Photo / Reuters)
"This departure comes at a potentially inopportune time for Wendy's," Michael Gunther, analyst at Consumer Edge, told Reuters, adding that the chain has underperformed in recent months compared to its peers.
WENDY'S TO ROLL OUT UBER-STYLE SURGE-PRICING, WITH MENU PRICES FLUCTUATING BASED ON DEMAND
Wendy's stock is down nearly 31% since the beginning of the year as the company deals with fewer sales. Meanwhile, The Hershey Company is dealing with greater costs related to tariffs and high prices of cocoa, according to Reuters.
A Wendy's Co restaurant is pictured in Monrovia, California November 4, 2015. (REUTERS/Mario Anzuoni/File Photo / Fox News)
"While Hershey faces challenges... we don't surmise seismic change is necessary to steady its ship," Erin Lash, analyst at Morningstar, told Reuters.
Tanner began serving as president and CEO of Wendy's in February 2024. Prior to that, he worked at PepsiCo, Inc., for more than 30 years, including as CEO of PepsiCo Beverages North America, according to the Wendy's website.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Wendy's and The Hershey Company did not immediately respond to Fox News Digital's request for comment.