Hershey’s CEO Bilbrey to Retire

John P. Bilbrey, chairman, president and CEO of The Hershey Co., plans to retire from the company, continuing as non-executive chairman of Hershey’s board of directors after stepping down on July 1, 2017.

The board has appointed a special committee to direct the search for a new CEO. The committee, led by Pamela Arway, chair of the governance committee, will review internal and external candidates with assistance from Egon Zehnder, a leading executive search firm.

“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 said. “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.”

Unwavering Commitment

Arway praised Bilbrey for his “unwavering commitment and many contributions to Hershey’s success during his 13 years with the company,” adding that his leadership team “will continue to focus on growing the business while upholding Hershey’s great heritage and values” during the search for Bilbrey’s successor.

“I am proud of all that we have accomplished as a team,” Bilbrey 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 also reaffirmed its full-year 2016 outlook outlined in the company’s second quarter 2016 earnings announcement.

The Hershey Co., based in Hershey, Pa., is a global confectionary company that markets, sells and distributes its products under more than 80 brand names in 70 countries worldwide.