Food & Beverage News: Insights, Safety, and Dining Trends
Hormel Foods has appointed former CEO and board member Jeffrey Ettinger as the US group’s interim chief executive – and said it will be more than a year until the role is filled permanently.
Jim Snee, the Skippy peanut butter maker’s CEO and president, announced his retirement in January after eight years at the helm.
In a statement yesterday (23 June), Hormel said Ettinger would hold the role of interim CEO up to some time in October next year.
“The Hormel Foods CEO search committee will now be dissolved, with the board planning to install the permanent chief executive officer in October 2026,” Hormel said.
The company also announced John Ghingo will be promoted to the role of president. Ghingo is executive vice president for Hormel’s retail business unit, which houses the company’s consumer brands. He has been in the role since 2024 after four years leading Hormel subsidiary Applegate Farms.
Ettinger stepped down from the position of CEO in 2016 to serve as Hormel’s chairman of the board.
“During his tenure, Ettinger earned a reputation for driving performance and results. With his deep knowledge of the company and its culture, and his experience with the company’s external stakeholders, he will be a strong partner to Ghingo,” Hormel said yesterday.
Last month, the Spam maker reported a drop in half-year profits on the back of weak sales growth.
Operating income in the six months to 27 April dropped 11% to $477m and declined 9% on an adjusted basis to $519m.
Net earnings stood at $350.3m, versus $407.9m in the corresponding period the previous year.
Net sales inched up 0.1% to $5.89bn. On an organic basis, net sales grew 1%. In the second quarter, the sales from Hormel’s retail division were flat, with volumes declining 7% amid “lower commodity shipments and contract manufacturing”.
Speaking to analysts after Hormel announced the results, the company’s management said it expects its growth to accelerate in the second half.
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
Read the full article from the original source
