- Kirk Tanner is departing as CEO of Wendy’s to turn into CEO of Hershey. He was within the position on the fast-food firm for 17 months. He might earn over $17 million in his first yr, which might be notably greater than outgoing CEO Michele Buck.
Goodbye, burgers. Hiya, sweet bars!
Kirk Tanner is leaving his position as CEO of Wendy’s to take the highest spot at Hershey efficient Aug. 18. He’ll substitute Michele Buck, who introduced her plans to retire earlier this yr. (Buck will work with Tanner as a senior advisor to help the transition.)
It’s a notable passing of the torch. Tanner laid out a playbook that was collaboration intense at Wendy’s, launching objects such because the a hen sandwich and fries topped with Takis, and a Skinny Mints Frosty. That bought folks speaking, however hasn’t sparked gross sales. Wendy’s lower its gross sales and revenue outlook for 2025 in Could and shares are down 30% yr to date.
Nonetheless, Hershey made Tanner a suggestion he couldn’t refuse. His whole compensation at Wendy’s final yr was $17.3 million. At Hershey, he’ll make a base salary of $1.25 million and is eligible to earn a money incentive award that’s focused at 180% of his base salary.
Tanner may also obtain a restricted inventory unit award value $7 million and a efficiency inventory unit value $4 million as a sign-on bonus. (Each will vest over a three-year interval.) He’ll additionally obtain one other $3.4 million value of professional rata inventory.
He’ll even be eligible to obtain an annual equity-based compensation award of up to $9 million—a determine decided by the corporate’s board.
Buck, final yr, had a base salary final yr of $1.4 million and annual incentive of 160% of that base. Her whole compensation in 2024 after inventory awards and incentives got here to $11.9 million. In 2023, she earned $15.7 million.
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