Hormel Hits Pause On CEO Hunt, Taps Former Chief Jeffrey Ettinger For 15-Month Comeback — But Retail Shrugs
Synopsis
Ettinger will replace James Snee, who is set to retire.
Hormel Foods (HRL) announced Monday that former CEO Jeffrey Ettinger will return to lead the company for a 15-month term starting in July, replacing current CEO and President James Snee, who is set to retire.
Hormel also appointed John Ghingo, executive vice president for the retail business unit, as president.
The changes came a month after the company lowered its annual profit forecast due to supply chain issues and weak demand, and it said it is focusing on reducing costs.
Hormel sells packaged meat, nuts, pantry items, and refrigerated foods under brands such as Spam, Planters, Skippy, and Jennie‑O.
According to a regulatory filing, Snee will serve as the company's special advisor until October and expects to remain a consultant and advisor to the board for 18 months thereafter.
The company expects to name a permanent CEO in October next year, and the CEO search committee is dissolved for the time being.
Shares rose 1.5% following the leadership announcement.
On Stocktwits, retail sentiment shifted lower to 'bearish' as of early Tuesday from 'neutral' the prior day.
A user expressed dissatisfaction with outgoing CEO Snee, calling him a "robot-like person."
Shares of Hormel Foods are down 1.7% this year.
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