Hershey named a new chief executive and president on Tuesday, tapping chief operating officer David West, as the world's biggest chocolate maker continues to grapple with rising food prices.
The move comes a day after Hershey announced the retirement of CEO Richard Lenny, who will leave the company by the end of the year. West will take the helm on Dec. 1, Hershey said in a release.
"(West) is perfectly suited to take the company to the next level and maintain our commitment to delivering superior shareholder value over the long-term," said Lenny, in a prepared statement.
West joined Hershey in 2001 and served as CFO in 2005.
Shares of the Hershey, Pa.-based company fell slightly in after-hours trading.
Hershey also named board member Robert Campbell as chairman of its board of directors, effective Jan. 1.
Last February, Hershey said it would cut about 11% of its workforce and reduce the number of production lines it operates by more than a third as it spends as much as $575 million to overhaul its manufacturing.