Hormel Foods recently appointed Jeffrey Ettinger, former CEO and board member, as the US group’s interim chief executive. Notably, Hormel announced that it will take over a year to fill the role permanently.
In January, Jim Snee, CEO and president of the Skippy peanut butter maker, announced his retirement after eight years in leadership.
In a statement issued yesterday (June 23), Hormel confirmed that Ettinger will serve as interim CEO until October next year.
“The Hormel Foods CEO search committee will now be dissolved. The board plans to install the permanent chief executive officer in October 2026,” the company stated.
Additionally, Hormel announced the promotion of John Ghingo to the role of president. Previously, Ghingo served as executive vice president of Hormel’s retail business unit, which encompasses the company’s consumer brands. He has held this role since 2024, following four years leading Hormel subsidiary Applegate Farms.
It’s worth noting that Ettinger stepped down as CEO in 2016 to assume the chairman of the board position.
“During his tenure, Ettinger earned a reputation for driving performance and results. With his deep understanding of the company and its culture, along with his experience dealing with external stakeholders, he will be a strong partner to Ghingo,” the company emphasized.
Last month, the Spam maker reported a decline in half-year profits, attributed to sluggish sales growth.
Operating income for the six months ending April 27 decreased by 11% to $477 million, and it declined by 9% on an adjusted basis to $519 million.
Net earnings stood at $350.3 million, down from $407.9 million during the same period last year.
In contrast, net sales slightly increased by 0.1% to $5.89 billion. On an organic basis, net sales grew by 1%. However, during the second quarter, sales from Hormel’s retail division remained flat, with volumes dropping by 7% due to “lower commodity shipments and contract manufacturing.”
Following the announcement of these results, company management expressed confidence in accelerating growth for the second half of the year.
