Wendy's is a popular fast food joint, famous for its burgers, frosty desserts, chicken sandwiches and more. The burger chain is undergoing a major change as CEO Kirk Tanner has stepped down from his role and will be joining chocolate giant Hershey. For the unversed, Hershey is well-known for products like chocolate sauce, chocolate bars, Hershey's Kisses and Reese's Peanut Butter Cups.
Earlier in January, Hershey announced that the current CEO, Michele Buck, who had been CEO for over seven years, would retire in 2026 and would transition to a senior advisor role.
Tanner leaves at an inopportune time for Wendy's as the company is grappling with muted sales, with macroeconomic volatility pushing more people to eat at home, reports the New York Post.
Tanner will depart Wendy's on July 18, the burger chain said in a statement, adding that it has appointed its CFO, Ken Cook, as interim chief. Tanner will take over Hershey on August 18. He was previously a top executive at PepsiCo before moving to head Wendy's in February 2024.
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As for who will be the new CEO, Wendy's said it has launched a comprehensive search process to select a permanent CEO, and is set to report its second quarter results on August 8.
Both food companies are currently navigating choppy waters.
Wendy's stock is down nearly 31% this year. Industry experts note that the burger chain has underperformed key peers in recent months, suggesting any initiatives to reinvigorate growth have not yet gained meaningful traction.
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On the other hand, Hershey is currently dealing with higher tariff-related costs and high cocoa prices amid growing uncertainty around consumer spending. Hershey is expected to report its earnings on July 30.