Business Context and Reporting Period
This Form 8-K filing by The Hershey Company (HSY) is dated September 2, 2026. The report discloses a significant executive leadership change within the finance organization, specifically the appointment of a new Chief Financial Officer and the transition of the outgoing CFO.
Key Financial Metrics
The filing does not contain operational financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data provided relates to executive compensation arrangements for the newly appointed CFO:
- Base Salary: $725,000 annually.
- Annual Incentive Target: 85% of base salary until the appointment effective date; 100% thereafter.
- Long-Term Incentive Target: $2 million.
- Retirement Contribution: 12.5% of base salary and annual incentive award under the Defined Contribution Supplemental Executive Retirement Plan.
Material Changes
The primary material change reported is the departure of Steven E. Voskuil from his role as Senior Vice President, Chief Financial Officer, effective September 2, 2026. He is transitioning to the role of Senior Vice President, Strategic Projects, with plans to retire in the first quarter of 2027. Concurrently, Dave Hulays has been appointed as the new Senior Vice President, Chief Financial Officer. Mr. Hulays has been with the company since March 2012 and previously served as Senior Vice President, Finance since May 2025.
Outlook, Risks, and Contingencies
The filing outlines specific severance contingencies for Mr. Hulays under the Executive Benefits Protection Plan 3A:
- Change in Control: Two years of severance benefits upon termination without cause or for good reason.
- No Change in Control: Eighteen months of severance benefits upon termination without cause or for good reason.
Management commentary is limited to the announcement of the leadership transition and the focus of the outgoing CFO on key initiatives during the transition period. No specific business risks or forward-looking guidance regarding financial performance are included in this document.
Investor Verification Checklist
- Verify the effective date of the CFO transition (September 2, 2026) and the retirement timeline for the outgoing CFO (Q1 2027).
- Review the attached press release (Exhibit 99.1) for additional context on the strategic rationale for the leadership change.
- Consult the 2026 proxy statement for detailed terms of the "One Hershey Incentive Program," the Equity and Incentive Compensation Plan (EICP), and the Defined Contribution Supplemental Executive Retirement Plan (DC SERP).
- Confirm that no other undisclosed arrangements exist regarding the selection of the new CFO, as stated in the filing.