New CEO Kirk Tanner’s background in consumer packaged goods and brand building will help boost Hershey, one analyst says.

The current Wendy's Company executive will transition from fast food to chocolate, succeeding Michele Buck, who has led the Hershey Company for nearly a decade.

There appeared to be a bit of a rotation today on the first day of the new quarter, with large-cap tech stocks mostly selling off and other stocks, such as small-caps and those in other left-behind sectors rising. However, Hershey also made a company-specific announcement today that added some extra oompf to its rally.

The Hershey Company announced Tuesday the appointment of a new president and CEO effective Aug. 18. Kirk Tanner will take over the role from Michele Buck, who officials said served as president for over a decade. She announced her intention to retire from the company at the beginning of this year.

The Hershey Company (NYSE: HSY) is one of the 10 best defensive stocks to buy in a volatile market. On June 30, the company confirmed it will remove synthetic dyes from all its snacks by the end of 2027. The decision will allow the company to align with directives by US health authorities.

While the summer temperatures are blazing, some people are dreaming of crisp, fall days. Hershey’s jumps ahead to pumpkin spice season with a new candy that just hit the shelf. Hershey’s is a beloved candy brand.

At Hershey, he’ll make a base salary of $1.25 million and is eligible to earn a cash incentive award that’s targeted at 180% of his base salary. Tanner will also receive a restricted stock unit award worth $7 million and a performance stock unit worth $4 million as a sign-on bonus.