Hormel Foods' Former CEO Returns To Lead Company
The stock of Hormel Foods (HRL) is up on reports that the company’s former Chief Executive Officer (CEO) Jeffrey Ettinger is returning to the helm on an interim basis.
Ettinger has reportedly agreed to return to the CEO role for a period of 15 months beginning on July 14 of this year.
Hormel Foods has been a going concern since 1891 and today makes well-known products such as Skippy peanut butter and Planters nuts, as well as bacon and various meats.
Ettinger, 66, served as Hormel’s CEO from 2005 to 2016. He now replaces current Hormel CEO and President James Snee, age 57, who announced his retirement in January of this year.
The CEO transition comes after the company lowered its annual profit forecast as it struggles with supply chain issues and weakening consumer demand.
Snee will serve as a special advisor to the company until October 26, and Hormel expects him to stay on as a consultant for another 18 months after that, the company said in a statement.
Hormel Foods said it plans to name a permanent CEO in October 2026.
The company has also appointed John Ghingo, executive vice-president of the company’s retail business, as its new president, also effective July 14.
HRL stock has declined 37% over the last five years to trade at $30.41 U.S. per share.
