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- Kirk Tanner is departing as CEO of Wendy’s to become CEO of Hershey. He was in the role at the fast-food company for 17 months. He could earn over $17 million in his first year, which would be notably higher than outgoing CEO Michele Buck.
Goodbye, burgers. Hello, candy bars!
Kirk Tanner is leaving his role as CEO of Wendy’s to take the top spot at Hershey effective Aug. 18. He’ll replace Michele Buck, who announced her plans to retire earlier this year. (Buck will work with Tanner as a senior advisor to aid the transition.)
It’s a notable passing of the torch. Tanner laid out a playbook that was collaboration intense at Wendy’s, launching items such as the a chicken sandwich and fries topped with Takis, and a Thin Mints Frosty. That got people talking, but hasn’t sparked sales. Wendy’s cut its sales and profit outlook for 2025 in May and shares are down 30% year to date.
Still, Hershey made Tanner an offer he couldn’t refuse. His total compensation at Wendy’s last year was $17.3 million. 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. (Both will vest over a three-year period.) He’ll also receive another $3.4 million worth of pro rata stock.
He’ll also be eligible to receive an annual equity-based compensation award of up to $9 million—a figure determined by the company’s board.
Buck, last year, had a base salary last year of $1.4 million and annual incentive of 160% of that base. Her total compensation in 2024 after stock awards and incentives came to $11.9 million. In 2023, she earned $15.7 million.
This story was originally featured on Fortune.com
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