Hershey names Dave Hulays CFO, $725K salary
Hershey names internal finance leader Dave Hulays as CFO, with Steve Voskuil shifting to a strategic projects role ahead of his planned 2027 retirement.
Rhea-AI Filing Summary
The Hershey Company (HSY) appointed Dave Hulays as Senior Vice President and Chief Financial Officer, effective September 2, 2026, succeeding Steven E. Voskuil. Hulays becomes principal financial officer and will lead Hershey’s global finance organization after serving as Senior Vice President, Finance since May 2025 and holding multiple senior finance roles since 2012.
Voskuil stepped down as CFO the same day and will remain Senior Vice President, Strategic Projects, focusing on key initiatives and transition support until his planned retirement in the first quarter of 2027. Under his offer letter, Hulays receives an annual base salary of $725,000, a 2026 annual incentive opportunity equal to 85% of base salary before his appointment and 100% thereafter, and a long-term incentive program target of $2 million. He will participate in the Executive Benefits Protection Plan 3A, which generally provides up to two years of severance benefits in certain change-in-control or termination scenarios, and in the Defined Contribution Supplemental Executive Retirement Plan with a 12.5% annual company contribution rate on base salary and annual incentive.
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8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
CFO base salary: $725,000 per year
Annual incentive target pre-appointment: 85% of base salary
Annual incentive target post-appointment: 100% of base salary
+5 more
8 metrics
CFO base salary
$725,000 per year
Annual base salary for Dave Hulays under his offer letter
Annual incentive target pre-appointment
85% of base salary
2026 One Hershey Incentive Program target before CFO effective date
Annual incentive target post-appointment
100% of base salary
2026 One Hershey Incentive Program target after CFO effective date
Long-term incentive target
$2,000,000
Target annual LTIP value for Hulays under the EICP
DC SERP contribution rate
12.5%
Annual company contribution on base salary and incentive for Hulays
Annual revenues
$11.7 billion+
Company-wide annual revenues referenced in the company description
Employees
More than 20,000
Global workforce size
Brands and countries
85+ brands in ~65 countries
Scale of Hershey’s global brand and country footprint
Key Terms
One Hershey Incentive Program, Equity and Incentive Compensation Plan, Executive Benefits Protection Plan 3A, Defined Contribution Supplemental Executive Retirement Plan, +1 more
5 terms
One Hershey Incentive Program financial
"participation in the annual incentive program “One Hershey Incentive Program” of the Company’s Equity and Incentive Compensation Plan"
Equity and Incentive Compensation Plan financial
"annual incentive program (“One Hershey Incentive Program”) of the Company’s Equity and Incentive Compensation Plan"
Executive Benefits Protection Plan 3A financial
"participate in the Company’s Executive Benefits Protection Plan 3A, which generally provides two years of severance"
Defined Contribution Supplemental Executive Retirement Plan financial
"participate in the Company’s Defined Contribution Supplemental Executive Retirement Plan (“DC SERP”)"
change in control regulatory
"severance benefits upon a termination without cause or for good reason following a change in control"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
FAQ
What leadership change did HSY announce on September 2, 2026?
The company appointed Dave Hulays as Senior Vice President and Chief Financial Officer, effective September 2, 2026, succeeding Steven E. Voskuil, who moved to the role of Senior Vice President, Strategic Projects until his expected retirement in the first quarter of 2027.
What is the new CFO’s compensation package at HSY?
Hulays’ offer includes a $725,000 annual base salary, a 2026 annual incentive target equal to 85% of base salary before his appointment and 100% afterward, and a long-term incentive program target of $2 million, plus participation in executive benefit and retirement plans.
When will former CFO Steve Voskuil retire from The Hershey Company (HSY)?
Voskuil plans to retire in the first quarter of 2027. Until then, he will serve as Senior Vice President, Strategic Projects, focusing on initiatives for the CEO and Board and supporting a seamless transition to Hulays as CFO.
What severance protections does HSY’s new CFO receive?
Under Executive Benefits Protection Plan 3A, Hulays generally is eligible for two years of severance benefits if terminated without cause or for good reason following a change in control, or eighteen months of severance benefits if such a termination occurs outside a change in control.
How will HSY contribute to the new CFO’s supplemental retirement plan?
Under the Defined Contribution Supplemental Executive Retirement Plan, the company will make an annual contribution equal to 12.5% of Hulays’ base salary and One Hershey Incentive Program award, in addition to his eligibility for other executive retirement and benefit programs.
What scale of business does HSY describe in this disclosure?
The company reports generating more than $11.7 billion in annual revenues, with over 20,000 employees, more than 85 brands, and operations in approximately 65 countries, spanning confection, salty and functional snacking, and protein brands.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
THE HERSHEY CO MPANY
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
(Zip Code)
(717 ) 534-4200
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging Growth Company | ||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | |||||||
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | |||||||
On September 2, 2026, The Hershey Company (the “Company”) announced the appointment of Dave Hulays as the Company’s Senior Vice President, Chief Financial Officer. In this role, Mr. Hulays will oversee the Company’s global finance organization and serve as the Company’s principal financial officer.
Mr. Hulays, age 54, has served as the Company’s Senior Vice President, Finance since May 2025. In that role, he led finance across the Company’s business units and functions, including U.S. CMG, Salty Snacks, International, FP&A, Tax and Treasury. Prior to that, Mr. Hulays served as Vice President, Finance, CMG, International and Commercial from October 2024 to May 2025; Vice President, U.S., Growth, Corporate Finance and Transformation from November 2023 to October 2024; Vice President, Finance, U.S., Growth, Strategic Planning and Analysis from September 2019 to November 2023; and Vice President, Finance, U.S. and Growth from May 2017 to September 2019. Mr. Hulays has been with the Company since March 2012.
As a result of Mr. Hulays’s appointment, Steven E. Voskuil stepped down from his role as Senior Vice President, Chief Financial Officer, effective September 2, 2026. Mr. Voskuil will remain with the Company as Senior Vice President, Strategic Projects, and will focus on key Company initiatives and the transition of his responsibilities until his retirement from the Company in the first quarter of 2027.
In connection with his appointment, Mr. Hulays agreed to an offer letter with the Company (the “Offer Letter”), which provides for the following compensation arrangements:
•an annual base salary of $725,000;
•participation in the annual incentive program (“One Hershey Incentive Program”) of the Company’s Equity and Incentive Compensation Plan (“EICP), with a target 2026 annual incentive award opportunity equal to 85% of his base salary until the effective date of his appointment and 100% of his base salary thereafter; and
•participation in the long-term incentive program (“LTIP”) of the EICP at a target equal to $2 million.
The Offer Letter also provides that Mr. Hulays will participate in the Company’s Executive Benefits Protection Plan 3A, which generally provides two years of severance benefits upon a termination without cause or for good reason following a change in control, or eighteen months of severance benefits upon a termination without cause or for good reason not following a change in control. Mr. Hulays will also participate in the Company’s Defined Contribution Supplemental Executive Retirement Plan (“DC SERP”), under which the Company will make an annual contribution equal to 12.5% of his base salary and One Hershey Incentive Program award. He will also be eligible to participate in other compensation programs available to the Company’s executive officers, including the Company’s retirement program, at levels consistent with those provided to all executive officers.
Additional information regarding the Company’s executive compensation programs, including information about the One Hershey Incentive Program, the EICP and the DC SERP, can be found in the Company’s 2026 proxy statement.
There is no arrangement or understanding between Mr. Hulays and any other person pursuant to which he was selected as an officer. Mr. Hulays has no family relationship with any director or executive officer of the Company or person nominated or chosen to become a director or executive officer of the Company, and there are no transactions involving Mr. Hulays that require disclosure under Item 404(a) of Regulation S-K.
| Item 7.01. | Regulation FD Disclosure. | |||||||
On September 2, 2026, the Company issued a press release announcing the appointment of Mr. Hulays as Senior Vice President, Chief Financial Officer and the transition of Mr. Voskuil to Senior Vice President, Strategic Projects, each effective September 2, 2026. A copy of the press release is attached as Exhibit 99.1 and incorporated into this Item 7.01 by reference.
The information in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. | |||||||||||||
| (d) | Exhibits. | |||||||||||||
| Exhibit Number | Description | |||||||||||||
99.1 | Press Release dated September 2, 2026 | |||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE HERSHEY COMPANY | ||||||||||||||
| Date: September 2, 2026 | By: | /s/ James Turoff | ||||||||||||
| James Turoff Senior Vice President, General Counsel and Secretary | ||||||||||||||
Exhibit 99.1
| FINANCIAL CONTACT: | MEDIA CONTACT: | |||||||||||||
| Anoori Naughton | Allison Kleinfelter | |||||||||||||
| anaughton@hersheys.com | akleinfelter@hersheys.com | |||||||||||||
The Hershey Company Names Dave Hulays
Chief Financial Officer
Hulays Succeeds Steve Voskuil, Who Will Support Strategic Priorities and the Leadership Transition Through Early 2027
HERSHEY, Pa., Sept. 2, 2026 /PRNewswire/ -- The Hershey Company (NYSE: HSY) today announced that Dave Hulays has been named Chief Financial Officer, effective September 2, 2026, succeeding Steve Voskuil. Hulays, who most recently served as Senior Vice President, Finance, brings nearly 30 years of financial leadership experience at Hershey and Procter & Gamble to the role.
Since joining Hershey in 2012 as VP Finance, Canada, Hulays has taken on progressively broader financial leadership responsibilities across the company, including the U.S. and International businesses, Global Supply Chain, the Growth Office, M&A, Corporate FP&A and Finance Strategy, Global Tax & Treasury, and Enterprise Transformation. Before joining Hershey, he spent 15 years at Procter & Gamble (P&G) in roles spanning Commercial, Supply Chain, Strategy and FP&A, Global Business Development, and Global Business Services across P&G’s North American and International businesses.
Voskuil, who has led Hershey’s finance organization for the past seven years, announced his intent to retire in early 2027. He will move into the role of SVP, Strategic Projects, focused on initiatives for the CEO and Board while ensuring a seamless transition with Hulays.
“Dave is a proven, enterprise-minded finance leader who has helped shape nearly every corner of this business, from our commercial and supply chain organizations to our growth agenda,” said Kirk Tanner, President and CEO, The Hershey Company. “He leads with rigor, accountability and courage. I’m confident he’s the right person to lead our finance organization into its next chapter. I also want to thank Steve for his leadership over the past seven years. He has been an incredible partner to me and to this company, and his continued partnership will support some of our most important priorities as we move through this transition.”
"I'm proud and honored to serve as Hershey's next Chief Financial Officer," said Hulays. "Working alongside Steve over the years has been a privilege, and his mentorship has played an important role in preparing for this transition. Together, we've built a strong foundation, and I'm looking forward to driving our next generation of growth."
Hulays holds a bachelor’s degree from the University of Waterloo and a Master of Business Administration from York University’s Schulich School of Business in Toronto, Canada. He and his wife, Angela, live in Hershey, Pennsylvania, with their two sons, Owen and Max.
About The Hershey Company
The Hershey Company is an industry-leading snacks company with a purpose to make more moments of goodness and a vision to lead next generation snacking. Hershey brings together more than 20,000 employees worldwide to deliver delicious, high-quality products across more than 85 brands in approximately 65 countries, generating more than $11.7 billion in annual revenues.
The Hershey Company is an industry-leading snacks company with a purpose to make more moments of goodness and a vision to lead next generation snacking. Hershey brings together more than 20,000 employees worldwide to deliver delicious, high-quality products across more than 85 brands in approximately 65 countries, generating more than $11.7 billion in annual revenues.
Hershey brings its full portfolio to market as ONE Hershey, spanning confection, salty and functional snacking categories with beloved brands like Hershey's, Reese's, Kisses, KIT KAT®, Jolly Rancher, Twizzlers and Ice Breakers; salty snacks including SkinnyPop, LesserEvil, Pirate's Booty and Dot's Homestyle Pretzels; and a protein portfolio including ONE Brands and Fulfil.
For more than 130 years, Hershey has operated fairly, ethically and sustainably. Founder Milton Hershey established Milton Hershey School in 1909, and that legacy of purpose endures today through the company's commitment to helping children succeed through equitable access to education.
To learn more visit www.thehersheycompany.com.