Hershey Co (NYSE:HSY) Chairman, President and CEO John Bilbrey will be retiring next year.
John Bilbrey is intending to retire from Hershey on July 1, 2017. He will no longer be the CEO or President of the company after this. However, he will remain on as the non-executive chairman of its Board of Directors.
“Now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren,” John Bilbrey said. “I am confident that the board will identify an outstanding candidate to lead The Hershey Company through this next phase of growth.”
Hershey has already started the process of finding a replacement CEO for John Bilbrey. A special committee has been created to take on the task and it is being led by Governance Committee Chair Pamela Arway.
Hershey will be looking at both internal and external candidates in its search for a new CEO. It is also enlisting the help of executive search firm Egon Zehnder for its search. The company is hoping for an “orderly leadership transition,” after John Bilbrey steps down from the CEO position.
“I look forward to working alongside the board to make the transition to new leadership a seamless process, John Bilbrey said in a statement. “Until that time, I will continue to work closely with my management team to grow the business and create additional value for all stockholders.”
HSY stock was up slightly as of Noon Friday.
