Michele Buck

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Michele G. Buck (born 1960 or 1961) is an American business executive who served as Chairman, President, and Chief Executive Officer of The Hershey Company, the largest chocolate manufacturer in North America, from March 2017 until August 2025. She was the first woman to hold all three titles at the company, which was founded in 1894 by Milton S. Hershey.

Buck's tenure saw Hershey expand beyond its traditional chocolate business into the broader snacking category through acquisitions including Amplify Snack Brands. However, her final years were marked by challenges including historically high cocoa prices, changing consumer preferences toward healthier foods, and competitive pressure that culminated in an unwanted takeover approach from Mondelez International.

Early life

Michele Buck grew up in Carlisle, Pennsylvania, approximately 45 minutes southwest of Hershey in an agricultural community with a population of nearly 20,000 people. Her upbringing in this modest Central Pennsylvania household shaped her work ethic and connection to the company she would later lead.

Her parents embodied the value of hard work and education. Her mother grew up on a farm without indoor plumbing and financed her own college education, eventually becoming a teacher. Her father was the first in his family to complete high school and used military service to fund his higher education, working as an electrician while pursuing a master's degree in electrical engineering through night classes.

From age 10, Buck worked to earn her own money. She started with a paper route, added babysitting as a teenager, and later worked as a bank teller, waitress during college, and even sold Avon products door to door. These varied jobs gave her financial independence and experience working with people from all walks of life.

Family outings often included drives to nearby Hershey, where Buck visited the Hershey chocolate factory as a child - fostering an early familiarity with the company she would eventually lead.

Education

Buck earned her Bachelor of Business Administration from Shippensburg University of Pennsylvania in 1982. She later received her Master of Business Administration from the University of North Carolina at Chapel Hill in 1987, selecting the program for its emphasis on teamwork, ethical leadership, and complete problem-solving.

Career

Early career at PepsiCo and Kraft/Nabisco

Buck began her career in 1987 as an Assistant Product Manager at the Frito-Lay division of PepsiCo, where she worked on marketing for snack brands including Funyuns, Munchos, and Cheetos. The experience in snack foods would prove relevant decades later as Hershey expanded into the broader snacking category.

She subsequently spent 17 years at Kraft/Nabisco, rising through numerous senior positions including Senior Vice President and General Manager for Kraft Confections.

The Hershey Company (2005-2025)

Buck joined Hershey in April 2005 as Senior Vice President and Global Chief Marketing Officer. Over the next decade, she held a series of positions with increasing responsibility:

Senior Vice President, Global Chief Growth Officer
President, North America
Executive Vice President and Chief Operating Officer

CEO appointment

In March 2017, Hershey announced that Buck would succeed John Bilbrey as President and CEO. The appointment made her the first woman to hold the top job at the iconic American chocolate company.

Strategic expansion

Under Buck's leadership, Hershey pursued acquisitions to diversify beyond chocolate:

**Krave Pure Foods** (2015) - Beef jerky brand, expanding into protein snacks
**barkThins** (2016) - Healthy chocolate snacking brand
**Amplify Snack Brands** (2017) - $1.6 billion acquisition, the largest deal in Hershey's history, adding SkinnyPop popcorn and other snacks

These acquisitions reflected Buck's vision of transforming Hershey from a confectionery company into a broader "snacking powerhouse."

Chairman election

In October 2019, Buck was elected Chairman of the Board of Directors at Hershey, consolidating leadership of the company.

Retirement

In January 2025, Buck announced plans to retire in June 2026. She was succeeded as CEO by Kirk Tanner in August 2025 and transitioned to the role of Special Advisor to the company.

Personal life

Buck resides in Hershey, Pennsylvania with her family. She is married and has three children. Her husband's name has not been publicly disclosed.

Her decision to live in the same town as the company headquarters reflects her connection to Hershey's corporate culture and the close-knit community around the chocolate company.

Compensation

In 2024, Buck's total compensation was approximately $11.9 million, including:

Base salary: $1,400,000
Annual bonus: $1,052,800
Stock awards: $9,027,171
Other compensation: $430,955

Hershey's disclosed CEO pay ratio indicated Buck earned 281 times the median employee's pay in 2024, down from previous years. Her 2023 compensation was approximately $15.7 million.

Controversies and challenges

Cocoa price crisis

Buck's final years as CEO were significantly impacted by historically high cocoa prices, which squeezed margins across the chocolate industry. Unlike some competitors, Hershey had not diversified as extensively away from chocolate, leaving it more exposed to commodity price volatility.

Consumer headwinds

The company faced pressure from inflation-weary consumers who shifted toward healthier foods and value options. The emergence of GLP-1 weight loss drugs like Ozempic also raised long-term questions about demand for confectionery products.

In November 2024, Hershey lowered its forecasts for net sales and earnings per share, with Buck citing "a challenging consumer environment" and "historically high cocoa prices."

Mondelez takeover approach

In late 2024, Mondelez International, the maker of Oreo cookies and Cadbury chocolate, made an unsolicited takeover approach for Hershey, as reported by Bloomberg. The attempt ultimately failed due to resistance from the Hershey Trust, the charitable foundation that controls voting power over the company.

The takeover attempt, coming as Hershey faced operational challenges, raised questions about the company's strategic direction.

Executive departures

In December 2024, Michael Del Pozzo, who led Hershey's candy business and was considered a potential internal successor to Buck, left after just three months on the job to return to PepsiCo. The departure complicated succession planning.

Board positions

**JPMorgan Chase** - Named to board of directors in December 2024, effective March 2025
**New York Life** - Board of directors

She has also served as Benefit Co-Chair for the Children's Brain Tumor Foundation.

Awards and recognition

Fortune Most Powerful Women - Ranked 73rd (2023)
Women Worth Watching Award (2005)
Corporate Citizenship Award - Committee for Economic Development (2018)

References