Hershey Co. (HSY) stock dropped 4.7%, its steepest intraday decline this year, on Wednesday, after the company announced that Wendy's Chief Kirk Tanner will take over as its chief executive officer next month.

New CEO Kirk Tanner’s background in consumer packaged goods and brand building will help boost Hershey, one analyst says.

At Hershey, he’ll make a base salary of $1.25 million and is eligible to earn a cash incentive award that’s targeted at 180% of his base salary. Tanner will also receive a restricted stock unit award worth $7 million and a performance stock unit worth $4 million as a sign-on bonus.

From burgers to kisses, Wendy’s top executive is moving on to the world of chocolate. On Tuesday, the Hershey Company announced that current Wendy’s CEO Kirk Tanner would be taking the reigns of the Pennsylvania-based candy company starting next month.

Kirk Tanner, who brought spicy Takis toppings and SpongeBob SquarePants to Wendy’s WEN-0.09%decrease; red down pointing triangle as its chief executive, is departing the burger chain to take the top role at Hershey HSY-3.20%decrease; red down pointing ...

As the fast-food chain seeks a permanent replacement for departing CEO Kirk Tanner, one analyst suggests that new leadership will have its work cut out.

The fast-food chain early last year decided to replace a successful CEO with a restaurant industry outsider. That outsider