Hershey (NYSE:HSY) is instituting a management shake-up this week.

On Wednesday, the self-proclaimed "largest producer of quality chocolate in North America" announced that effective May 13:

  • Chief Financial Officer and Chief Administrative Officer Humberto P. Alfonso will become president of the company's International operations.
  • David W. Tacka will take over Alfonso's duties as chief financial officer on that date.
  • New hire Waheed Zaman will take over as chief administrative officer more quickly, on April 29.
  • Chief Growth Officer Michele G. Buck will be promoted to president of the North America division.
  • Chief Commercial Officer D. Michael Wege will be promoted to chief growth and marketing officer.
  • Current U.S. business head E. Daniel Vucovich will take Wege's place, promoted to chief commercial officer.

Hershey shares closed down 2.1% at $89.34 in Wednesday trading, ahead of these announcements.

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