Kirk Tanner, who spearheaded Wendy’s most recent product partnerships and marketing innovations, will step down as the burger chain’s president and CEO to take over as Hershey’s next CEO.
Tanner will take Michele Buck’s place as president and CEO of the Pennsylvania-based chocolate company, Hershey announced Tuesday, with effect from August 18. During the leadership change, Buck, who had previously declared her intention to retire, will continue to serve as a senior advisor for Hershey. Hershey’s stock fell 3% to $170.23 in midday trading as word of the change spread.
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On July 18, Tanner will formally leave Wendy’s. The Dublin, Ohio-based business started looking for Tanner’s long-term replacement and named Chief Financial Officer Ken Cook as its acting CEO. In Tuesday’s trading, Wendy’s shares dropped 1.5% to $11.13.
After more than 30 years at PepsiCo, where he held positions in beverage and food service, Tanner made his foray into fast food leadership as the CEO of Wendy’s, where he had been for about 18 months. Tanner brought innovative ideas to revitalize Wendy’s offerings and appeal, despite the fact that he had never held a leadership position in a restaurant brand before.
Tanner supported a flurry of partnerships in packaged goods. Wendy’s introduced a spicy chicken sandwich with crushed Takis Fuego chips on top earlier this year. Additionally, the chain partnered with the Girl Scouts to release a Thin Mints Frosty.
Tanner pushed through a licensing agreement with Paramount last year to include SpongeBob SquarePants characters in a themed dinner. Wendy’s sales were boosted by the campaign, which featured a Pineapple Under the Sea Frosty and a Krabby Patty Kollab Burger.
Tanner also highlighted innovation in technology. Under his direction, Wendy’s committed to spending billions on AI-enhanced digital menu boards and started testing voice ordering at drive-throughs. Although he later clarified that surge pricing would not be a part of the move, he stated that the objective was to enable “dynamic pricing.”
Tanner took office during a difficult period. Like other fast-food restaurants, Wendy’s had trouble drawing in new, budget-conscious consumers. The company lowered its full-year sales and profit projections in May after reporting a drop in same-store sales in the United States. The stock of the chain has dropped 30% so far this year.
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