Hershey CEO: America’s 250 years of innovation and why we expanded our innovation pipeline 50% in one year

In his first year leading The Hershey Company, the CEO reflected on what makes a business enduring. Hershey has survived numerous challenges, including World Wars, the Great Depression, and two dozen U.S. presidents since its inception in 1894. Milton Hershey's original idea was that treating people well and building something lasting was more important than any single quarter.

As America commemorates its 250th anniversary and Hershey marks its 132nd year, this bet remains relevant for leaders striving to create or expand companies that last. While the company's products are common in American pantries, they must remain relevant to consumers, not just because they've always been there. The Reese's brand, for instance, has maintained its popularity for nearly a century, but Hershey didn't rest on past success.

A year ago, they transformed a familiar consumer behavior into a new product, resulting in over $188 million in retail sales within a year. This success highlights that enduring companies need to continuously demonstrate why they matter to consumers of every generation. In response, The Hershey Company has increased its R&D investment, enhanced technical capabilities, and accelerated the process of turning consumer insights into commercial products.

The company expanded its innovation pipeline by over 50% and developed new methods to test, learn, and scale ideas quickly. The CEO emphasized that merely achieving success is not enough; building a system to stay connected with consumers and act on the insights gained is crucial. This year, Hershey launched "Hershey's . It's Your Happy Place," a significant campaign for the brand, featuring the Winter Olympics, nostalgic S'mores promotions, and Christian Pulisic's World Cup involvement.

The plan includes the HERSHEY Movie, showcasing the founder's story on the big screen for the first time. Instead of treating confection and salty snacks as separate businesses, Hershey adopted the ONE Hershey model, integrating these categories under one voice to address various consumer needs and occasions. This strategy has already shown results, with North America salty snacks sales growing 23% in a year, nearly four times faster than the company's overall growth.

Founded by Milton Hershey, the company has always aimed to fund educational initiatives, making every Hershey's bar and bag of Dot's Pretzels contribute to this mission. The CEO concluded that a company's legacy should be a mandate, not just a moat, and the key to lasting success lies in continuously listening, adapting, and proving why the company matters to both current and future generations.