Wendy’s said Tuesday its CEO Kirk Tanner was leaving the burger chain after just over a year in the role to take on the top job at chocolate maker Hershey.
For Wendy’s, the change at the top comes at a time when it has been grappling with muted sales as macroeconomic volatility pushes more people to eat at home. Its stock is down nearly 31% this year.
Hershey had announced in January that Michele Buck, who had been CEO for over seven years, would retire in 2026 and would transition to a senior advisor role once a replacement was named. Tanner will take over on Aug. 18.
He will depart Wendy’s on July 18, the burger chain said in a separate statement, adding that it has appointed its CFO, Ken Cook, as interim chief.
Wendy’s also said it has launched a comprehensive search process to select a permanent CEO, and is set to report its second quarter results on Aug. 8.
“This departure comes at a potentially inopportune time for Wendy’s,” said Michael Gunther, analyst at Consumer Edge.
The burger chain has underperformed key peers in recent months, suggesting the initiatives to reinvigorate growth have not yet gained meaningful traction, Gunther added.
Tanner joins the Reese’s Peanut Butter Cups maker as it navigates higher tariff-related costs and still-high cocoa prices amid growing uncertainty around consumer spending.
He was previously a top executive at PepsiCo before moving to head Wendy’s in February 2024.
“While Hershey faces challenges… we don’t surmise seismic change is necessary to steady its ship,” said Erin Lash, analyst at Morningstar, adding that it appears Hershey is falling into capable hands.
Tanner’s experience at PepsiCo should prove beneficial as the company navigates choppy waters, Lash said.
Hershey is expected to report its earnings on July 30.
Shares of Hershey fell about 3%, while Wendy’s stock was flat.
