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,

Tanner will take over in August after leading Wendy’s and a $28B PepsiCo beverages division. Longtime food and beverage exec Kirk Tanner was appointed as the Hershey Co.’s new CEO early on Tuesday.

Wendy's said on Tuesday its CEO Kirk Tanner was leaving the burger chain after just over a year in the role to take on the top job at chocolate maker Hershey. For Wendy's, the change comes at a time when it has been grappling with muted sales as macroeconomic volatility pushes more people to eat at home.