Hormel Foods names John Ghingo as president, Ettinger as interim CEO

AUSTIN, Minn. - Hormel Foods Corporation (NYSE: HRL), a $16.7 billion market cap company with a FAIR financial health rating according to InvestingPro, announced Monday that John Ghingo will be promoted to president, becoming the 11th person to hold this position in the company’s nearly 135-year history.

Jeffrey M. Ettinger, current board member and former CEO, will return to serve as interim chief executive officer for a defined period of 15 months. Both executives will assume their new roles on July 14, when Ghingo will also join the company’s board of directors. During Ettinger’s previous tenure, the company maintained its impressive track record of 32 consecutive years of dividend increases, with a current yield of 3.8%.

Ghingo currently serves as executive vice president for Retail, leading Hormel’s largest business unit. In his new role as president, he will oversee the company’s Retail, Foodservice and International business segments, along with 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," Ghingo said, according to the company’s statement.

Ettinger previously served as Hormel’s president and CEO from 2005 to 2016. During the interim period, corporate functions including finance, legal and external affairs, human resources, corporate communications, and ethics and compliance will report to him.

Bill Newlands, chairman of Hormel Foods’ board, expressed confidence in the leadership arrangement, noting that Ettinger’s experience with public markets and the investment community will complement Ghingo’s expertise in consumer innovation and brand building.

The board plans to install a permanent chief executive officer in October 2026, according to the company statement.

Hormel Foods, with approximately $12 billion in annual revenue and currently trading below its InvestingPro Fair Value, owns brands including PLANTERS, SKIPPY, SPAM, and APPLEGATE. Investors can access detailed financial analysis, including 8 additional ProTips and comprehensive valuation metrics, through InvestingPro’s detailed research report.

This article is based on information from a Hormel Foods press release.

In other recent news, Hormel Foods reported its second-quarter earnings for 2025, achieving an earnings per share (EPS) of $0.35, which met analyst expectations. However, the company’s revenue slightly missed forecasts, coming in at $2.9 billion compared to the anticipated $2.92 billion. Despite this, Hormel Foods demonstrated resilience with a 1% organic increase in net sales, supported by strong performances in premium segments like Applegate and Mexican foods. In analyst updates, Goldman Sachs initiated coverage on Hormel Foods with a buy rating, citing a positive outlook due to the recovery of its Planters business and cost savings efforts. Goldman Sachs also noted the company’s attractive valuation compared to its historical averages. Meanwhile, Piper Sandler maintained a Neutral rating and a $33 price target, highlighting Hormel’s potential for EBIT growth following previous declines. Piper Sandler acknowledged improvements in the company’s turkey operations and the full distribution return of the Planters brand. These developments reflect Hormel Foods’ ongoing efforts to stabilize and grow its business amidst challenging market conditions.

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