The Hershey Company has named Dave Hulays as its new chief financial officer, replacing Steven E. Voskuil, who will retire in early 2027 after seven years in the role. The transition comes as Hershey handles shifting market pressures and internal restructuring, including a push to consolidate its snacking brands under a single division. Hulays, 54, joins Hershey from his previous position as senior vice president of finance, a role he’s held since 2012. His career spans 30 years across Hershey and Procter & Gamble, where he held senior finance leadership positions.
The appointment was announced in a securities filing and press release, with Hulays officially taking over on Wednesday. Kirk Tanner, Hershey’s president and CEO, described Hulays as a “proven, enterprise-minded finance leader” who has shaped the company’s commercial, supply chain, and growth strategies. “He leads with rigor, accountability, and courage,” Tanner said in a statement. The company’s choice reflects a broader trend in 2026, where public company CFO retirements hit an eight-year high, prompting more firms to promote internal candidates or younger executives to fill the role.
Voskuil, who previously served as CFO at Kimberly-Clark for eight years, will remain with Hershey through early Q2 of 2027 to ensure a smooth handover. In a social media post, he noted he had helped prepare Hulays for the role over several years. Voskuil also announced plans to relocate to Texas to be closer to his grandchildren. Hulays’ compensation package includes an annual base salary of $725,000, a target annual incentive award equal to 85% of his base (rising to 100% with his appointment), and a long-term incentive program worth up to $2 million.
The package shows the company’s confidence in his ability to steer Hershey through a period of operational and financial adjustments. Hershey’s financial performance remains uneven despite recent improvements. The company reported a 629% jump in net income for the fiscal second quarter ended June 28, reaching $457.7 million, while net sales rose 6.6% to $2.78 billion.
Voskuil attributed the results to “resilient demand” and “margin recovery” driven by price increases and cost-cutting measures. However, the company continues to face headwinds from rising cocoa and sugar prices, which have squeezed gross margins in past quarters. Analysts suggest Hershey doesn’t need dramatic changes to stabilize its finances. Morningstar’s Erin Lash wrote in an August 3 note that the company has “locked in” supply for fiscal 2026 and is mitigating cost pressures through pricing adjustments, packaging changes, and operational efficiencies. “Seismic change is not necessary to steady the ship,” she noted, adding that Hershey’s approach has been “prudent” in addressing margin challenges.
The company is also restructuring its business units, consolidating its sweet, salty, and protein brands into a single division. This move aligns with Hershey’s broader strategy to expand beyond chocolate into snacks, including brands like SkinnyPop popcorn and Dot’s Pretzels. The consolidation aims to streamline operations and capitalize on cross-brand synergies, though it may require internal adjustments as teams adapt to the new structure.
For Hershey’s workforce, the leadership shift signals continuity rather than upheaval. Hulays’ deep familiarity with the company—having worked there since 2012—should ease concerns about abrupt strategic changes. His experience at Procter & Gamble also brings a perspective on scaling consumer brands, which aligns with Hershey’s expansion into non-chocolate snacks. Meanwhile, Voskuil’s phased exit reduces transition risk, ensuring institutional knowledge isn’t lost prematurely.
The real test for Hulays will be whether he can sustain the company’s financial momentum while handling ongoing supply chain volatility and competitive pressures in the snacking category. Hershey’s second-quarter earnings call transcript highlighted the company’s focus on “price realization and productivity initiatives” as key drivers of its recent performance. Voskuil’s final remarks showed the balance between growth and cost management, a theme likely to define Hulays’ early priorities. With cocoa and sugar prices remaining unpredictable, his ability to maintain disciplined financial controls will be critical to Hershey’s long-term stability.
