Hershey's Co. President and CEO, John P. Bilbrey, to Retire
Who will take the torch as the 35 year veteran announces his succession?
Tuesday, October 18th, 2016
Hershey Co. leader John P. Bilbrey has announced that he will be retiring as of July 1, 2017 from his duties as President and CEO, but will remain non-executive Chairman of the Board.
“I have had the privilege of working in consumer packaged goods for more than 35 years and leading The Hershey Company has been the highlight of my career,” Bilbrey, who has been with the company for 13 of those 35 years, commented in a release. “Our iconic brands, remarkable employees, and commitment to making a difference in the world has made this a difficult decision for me. But now is the right time to begin the process of handing over the reins as CEO as it will allow me to spend more time with my family and wonderful grandchildren.”
As for who will take up the torch, the company said that the board has appointed a special committee to look for the appropriate candidate.
“J.P. has been a great leader for The Hershey Company and we are grateful for his unwavering commitment and many contributions to Hershey’s success during his 13 years with the company,” Pamela Arway, Chair of the Governance Committee and head of the special committee searching for Bilbrey’s successor, said. “Succession planning has always been a top priority for our board of directors, and we look forward to an orderly leadership transition. We are confident in J.P. and his leadership team and know they will continue to focus on growing the business while upholding Hershey’s great heritage and values as the board conducts a thorough search to identify the right person to lead this company into the future.”
Bilbrey also expressed confidence in the board’s ability to identify the right person for the job.
“I am proud of all that we have accomplished as a team,” he said. “I look forward to working alongside the board to make the transition to new leadership a seamless process. Until that time, I will continue to work closely with my management team to grow the business and create additional value for all stockholders.”
The company stated that it will review both internal and external candidates, with help from leading executive search firm Egon Zehnder. Deli Market News looks forward to reporting on who the next leader of the company will be.