Hershey has named former PepsiCo executive Kirk Tanner as its new president and CEO to succeed Michele Buck, who had announced her intention to retire in June next year. Tanner, who is president and CEO of the fast-food chain Wendy's,

There’s a new leader at the top of The Hershey Co. The legacy candy maker announced that its board of directors appointed Kirk Tanner to succeed Michele Buck as president and CEO. Tanner will step into his new role on Aug. 18. Buck is officially retiring at the end of the calendar year and will work with Tanner during a brief transition process.

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.

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.

The CEO of Wendy's is ditching hamburgers for chocolate as he agrees to be in charge of Hershey's.Kirk Tanner will take over as CEO of The Hershey Company on Monday, Aug. 18, the chocolate giant announced on Tuesday,