Ghingo will join Hormel Foods' board of
directors
Ettinger's role to conclude after 15
months
AUSTIN,
Minn., June 23, 2025 /PRNewswire/ -- Hormel Foods
Corporation (NYSE: HRL), a Fortune 500 global branded food company,
today announced that John Ghingo
will be promoted to the role of president, becoming the
11th person to hold the position in the company's nearly
135-year history. Jeffrey M. Ettinger, current member of the
Hormel Foods board, will return to the company for a defined period
of 15 months as interim chief executive officer. Ettinger and
Ghingo will assume their leadership roles on July 14, 2025. On that day, Ghingo will also join
the Hormel Foods board of directors.
In his current role as executive vice president for Retail,
Ghingo leads the company's largest business unit and oversees its
portfolio of iconic consumer brands. He brings valuable perspective
from both inside and outside the company, with 15 years of various
leadership roles at Mondelēz International, as well as previously
serving as president of Applegate Farms, LLC, a Hormel Foods
subsidiary. With extensive experience in the consumer packaged
goods industry, Ghingo has a proven track record of driving growth
and delivering results. In his role as president, he will directly
oversee the company's Retail, Foodservice and International
business segments. He will also lead the company's global
operations, supply chain, research and development, and corporate
strategy functions.
"It's an incredible honor to be named the 11th
president of Hormel Foods and I'm grateful to the board for their
trust and confidence," Ghingo said. "I returned to the company last
year because the history, people, culture and portfolio of iconic
brands truly set us apart in the industry. I'm excited to
build on that foundation and help shape what's next. Transform
& Modernize remains a critical part of our strategy, and I'm
committed to keeping that momentum going —it continues to be a top
priority for our organization. I'm also looking forward to 15
months of partnership with Jeff, who knows this company so well. I
want to thank Jim Snee for his
outstanding leadership as well as his vision, values and
commitment, which have left a strong mark on our people, culture
and the communities we serve."
Ettinger had a nearly three-decade long career with the company,
including serving as its 9th president and then being
elevated to serve as its chief executive officer. 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. During this time, the company's
corporate functions including finance, legal and external affairs,
human resources, corporate communications, and ethics and
compliance will report to Ettinger.
"Serving the company in this interim role is a privilege and
honor," Ettinger said. "What has always set Hormel Foods apart is
its people – their integrity, passion and pride in the work they
do. I'm excited to support John and our talented team to expand our
impact in new and meaningful ways."
Bill Newlands, chairman of the
Hormel Foods board of directors, said, "After a thorough and
deliberate search, the board is thrilled to elevate John to the
role of president of Hormel Foods and elect him to the board of
directors. We are also very thankful to Jeff for his willingness to
return as interim CEO for the next 15 months. We are confident that
Jeff's valuable experience with the public markets and investment
community, as well as his deep understanding of our culture, will
complement John's expertise with consumer-relevant innovation,
brand building, and strategy in today's dynamic food industry. The
board has full confidence in John and Jeff's ability to strengthen
our business, deepen our relevance with consumers, and deliver
lasting value for our shareholders."
Newlands continued, "On behalf of the board, we sincerely thank
Jim Snee for his steadfast
leadership and 36 years of service to the company and its team
members, shareholders and communities. We are grateful for his many
contributions over a remarkable career."
The Hormel Foods CEO search committee will now be dissolved,
with the board planning to install the permanent chief executive
officer in October 2026.
About John Ghingo
Ghingo is currently executive vice president for the Retail
business unit at Hormel Foods. In this role, Ghingo is responsible
for the general management of the business unit and the stewardship
of the company's portfolio of iconic, consumer brands.
Ghingo is an accomplished business leader with extensive
experience in the consumer-packaged goods industry and has a proven
track record of delivering results and driving growth. He served as
president of Applegate Farms, LLC, a company subsidiary, from 2018
through 2022. After his tenure at Applegate, Ghingo served as the chief
executive officer of a better-for-you snacking company owned by
private equity firm Kainos Capital. Prior to Applegate, Ghingo served as the president of
plant-based foods and beverages at The WhiteWave Foods Company,
where he led the Silk and So Delicious Dairy Free brands. Before
joining WhiteWave, he spent more than 15 years at Mondelēz
International where he held numerous leadership roles in marketing
and general management, supporting well-known brands such as Oreo,
Cadbury, Trident and Planters – a brand now owned by Hormel
Foods.
Ghingo graduated from the University of
Notre Dame and earned his MBA from the Stern School of Business at New York University.
About Jeff Ettinger
Ettinger, a member of the Hormel Foods board of directors, is
currently chairman of the board for The Hormel Foundation, one of
Minnesota's largest community
foundations and grant makers. In this role, he oversees the
distribution of millions of dollars in charitable donations to
organizations in and around Austin,
Minnesota, enhancing the quality of life in the community.
Upon his transition to interim chief executive officer of Hormel
Foods, he will step down as chairman of The Hormel Foundation
and continue serving as a board member. Ettinger previously served
as the interim president of the University of
Minnesota from 2023 to 2024. Prior to that, he was president
and chief executive officer of Hormel Foods from 2005 to 2016. He
became the company's chief executive officer after serving in roles
including corporate attorney, treasurer, and president of Jennie-O
Turkey Store, Inc.
Ettinger is also an experienced independent public company
director, previously serving on the boards of The Toro Company and
Ecolab Inc., including serving as Ecolab's lead director for nearly
six years.
Ettinger holds a Bachelor of Arts degree and a Juris Doctor from
the University of California, Los
Angeles.
About Hormel Foods — Inspired People. Inspired
Food.™
Hormel Foods Corporation, based in Austin, Minnesota, is a global branded food
company with approximately $12
billion in annual revenue across more than 80 countries
worldwide. Its brands include PLANTERS®,
SKIPPY®, SPAM®,
HORMEL® NATURAL CHOICE®, APPLEGATE®, JUSTIN'S®,
WHOLLY®, HORMEL® BLACK LABEL®,
COLUMBUS®,
JENNIE-O® and more than 30 other beloved brands. The
company is a member of the S&P 500 Index and the S&P 500
Dividend Aristocrats, was named one of the best companies to work
for by U.S. News & World Report, one of America's most
responsible companies by Newsweek, recognized by TIME magazine as
one of the World's Best Companies and has received numerous other
awards and accolades for its corporate responsibility and community
service efforts. The company lives by its purpose statement —
Inspired People. Inspired Food.™ — to bring some
of the world's most trusted and iconic brands to tables across the
globe. For more information, visit hormelfoods.com.
FORWARD-LOOKING STATEMENTS
This press release
contains "forward-looking" information within the meaning of the
federal securities laws. The "forward-looking" information may
include statements concerning the Company's outlook for the future
as well as other statements of beliefs, future plans, strategies,
or anticipated events and similar expressions concerning matters
that are not historical facts. Words or phrases such as "should
result," "believe," "intend," "plan," "are expected to,"
"targeted," "will continue," "will approximate," "is anticipated,"
"estimate," "project," or similar expressions are intended to
identify forward-looking statements. Such statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from historical earnings and those anticipated or
projected, which factors include, but are not limited to, risks
related to the deterioration of economic conditions; risks
associated with acquisitions, joint ventures, equity investments,
and divestitures; risks and uncertainties associated with
intangible assets, including any future goodwill or intangible
assets impairment charges; the risk of disruption of operations,
including at owned facilities, co-manufacturers, suppliers,
logistics providers, customers, or other third-party service
providers; the risk that the Company may fail to realize
anticipated cost savings or operating profit improvements
associated with strategic initiatives, including the Transform and
Modernize initiative; risk of loss of a significant contract or
unfavorable changes in the Company's relationships with significant
customers; risk of the Company's inability to protect information
technology (IT) systems against, or effectively respond to, cyber
attacks, security breaches or other IT interruptions, against or
involving the Company's IT systems or those of others with whom it
does business; risk of the Company's failure to timely replace
legacy technologies; deterioration of labor relations or labor
availability or increases to labor costs; general risks of the food
industry, including those related to food safety, such as costs
resulting from food contamination, product recalls, the remediation
of food safety events at its facilities, including the production
disruption at the Suffolk,
Virginia, facility, food-specific laws or regulations, or
outbreaks of disease among livestock and poultry flocks;
fluctuations in commodity prices and availability of raw materials
and other inputs; fluctuations in market demand for the Company's
products, including due to private label products and lower-priced
alternatives; risks related to the Company's ability to respond to
changing consumer preferences, diets and eating patterns, and the
success of innovation and marketing investments; damage to the
Company's reputation or brand image; risks associated with climate
change, or legal, regulatory, or market measures to address climate
change; risks of litigation; potential sanctions and compliance
costs arising from government regulation; compliance with stringent
environmental regulations and potential environmental litigation;
and risks arising from the fact that the Company operates globally,
with product manufactured and sold in foreign markets and a variety
of inputs sourced from around the world, these risks including
geopolitical risk, exchange rate risk, legal, tax, and regulatory
risk, and risks associated with trade policies, export and import
controls, and tariffs. Please refer to the cautionary statements
regarding "Risk Factors" and "Forward-Looking Statements" that
appear in our most recent Annual Report on Form 10-K and Quarterly
reports on Form 10-Q, which can be accessed at
www.hormelfoods.com in the "Investors" section, for
additional information. In making these statements, the Company is
not undertaking, and specifically declines to undertake, any
obligation to address or update each or any factor in future
filings or communications regarding the Company's business or
results, and is not undertaking to address how any of these factors
may have caused changes to discussions or information contained in
previous filings or communications. Though the Company has
attempted to list comprehensively these important cautionary risk
factors, the Company wishes to caution investors and others that
other factors may in the future prove to be important in affecting
the Company's business or results of operations. The Company
cautions readers not to place undue reliance on forward-looking
statements, which represent current views as of the date
made.
Contact:
Media Relations
Hormel Foods
media@hormel.com
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SOURCE Hormel Foods Corporation
