Hormel Foods has appointed former CEO Jeffrey Ettinger to serve as interim chief executive for 15 months beginning July 14 to help the food company handle declining demand and supply chain problems.
The 66-year-old Ettinger served as CEO of Skippy and Spam from 2005 until 2016 before becoming the new interim CEO to replace James Snee who will leave his position after nine years. The company announced that Snee will maintain his advisory role until October while providing consulting services for 18 months.
The company faces declining sales and operational challenges at this time. The company reduced its profit forecast during the previous month because of rising costs and changing consumer behavior.
John Ghingo who leads the retail division will assume the role of president beginning July 14. The company plans to select a permanent CEO by October 2025.
The temporary leadership structure enables the company to maintain stability during its evaluation of strategic changes. The board chose Ettinger to lead the company because they want experienced leadership during uncertain market conditions.
