JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
DUBLIN, Ohio - Wendy’s Co. (NASDAQ:WEN) announced Tuesday that President and Chief Executive Officer Kirk Tanner will depart the fast-food chain to become President and CEO of The Hershey Company (NYSE:HSY), effective July 18. Tanner will lead a company currently valued at $35.6 billion, with a strong dividend history spanning 55 consecutive years. According to InvestingPro data, Hershey maintains solid financial health with a "GOOD" overall rating and operates with moderate debt levels.
The company’s Board of Directors has appointed Chief Financial Officer Ken Cook to serve as Interim CEO while maintaining his CFO responsibilities. The board has launched a comprehensive search for a permanent chief executive.
"Our senior leadership team has established a very clear strategic blueprint for growth and is already beginning to execute on this strategy," said Art Winkleblack, Chairman of the Board. "We understand Kirk’s decision to return to the consumer-packaged goods industry."
Cook, who joined Wendy’s after spending 20 years at United Parcel Service in various financial leadership roles, expressed commitment to executing the company’s strategic priorities outlined at its recent Investor Day.
"I look forward to executing on the strategic priorities we shared: providing fresh, famous food, delivering an exceptional customer experience, and accelerating global net unit growth," Cook said.
Tanner, who will be leaving after a relatively brief tenure at Wendy’s, stated: "It has been a privilege to lead Wendy’s, an iconic brand, and I leave with a sense of gratitude for our employees and franchisees."
In a separate announcement, the company said Bradley G. Peltz has been elected to serve as a director, replacing Matthew H. Peltz, who resigned from the Board effective immediately. Bradley Peltz is a Managing Director of Yellow Cab Holdings, a Wendy’s franchisee with restaurants across three states.
Wendy’s is scheduled to release its second quarter 2025 financial results on August 8, according to the press release statement.
In other recent news, The Hershey Company has appointed Kirk Tanner as its new CEO, effective August 18, 2025. Tanner, who previously held leadership roles at PepsiCo, succeeds Michele Buck, who will remain with the company in an advisory capacity. Meanwhile, Hershey’s financial outlook has been revised to negative by Moody’s Ratings and S&P Global Ratings due to high cocoa prices and tariffs, which are expected to weaken earnings. Hershey faces significant tariff impacts, with potential costs reaching $100 million per quarter in the latter half of 2025. Piper Sandler maintains an Underweight rating on Hershey, citing these tariff challenges and elevated cocoa prices as factors influencing the company’s earnings projections. Despite these pressures, Hershey plans to mitigate the impact through pricing strategies and operational efficiencies. The company is also in the process of acquiring LesserEvil for $750 million, aiming to diversify its snacking portfolio. Hershey’s financial leverage is expected to rise due to these ongoing challenges and acquisitions, prompting analysts to keep a close watch on its performance.
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