Hershey (NYSE:HSY) will announce that Chief Executive Michelle Buck will depart the snack foods company, Semafor reported Friday, citing people familiar with the matter. According to the report, Buck will remain in the post and on the board until a successor is found,

(Reuters) -Chocolate maker Hershey plans to announce the departure of CEO Michele Buck, Semafor reported on Friday, citing people familiar with the matter Buck, who has led the company since 2017, will continue in her role and remain on the board while the company searches for her replacement,

Michele Buck, a 20-year veteran of Hershey who assumed leadership in 2017, said she would step down from her roles as president and chief executive on June 30, 2026.

Hershey Co. is poised to announce a leadership transition plan, with Chief Executive Officer Michele Buck stepping down next year, Semafor reported, citing people familiar with the matter.

Michele Buck, CEO since 2017, is out after poor earnings, soaring commodity costs, and a spurned takeover bid from a rival that highlighted Hershey's weaknesses.