(Corrects CEO James Snee’s age to 58 from 57 in paragraph 2) (Reuters) -Hormel Foods said on Monday former CEO Jeffrey Ettinger will return to helm the Skippy peanut butter maker on an interim basis for 15 months starting July 14. Ettinger, 66, served as chief executive from 2005 to 2016 and will replace current […]
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Hormel Foods’ former CEO Jeffrey Ettinger to return on interim basis
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(Corrects CEO James Snee’s age to 58 from 57 in paragraph 2)
(Reuters) -Hormel Foods said on Monday former CEO Jeffrey Ettinger will return to helm the Skippy peanut butter maker on an interim basis for 15 months starting July 14.
Ettinger, 66, served as chief executive from 2005 to 2016 and will replace current Hormel CEO and president James Snee, 58, who announced his retirement in January.
The management transition comes after the company last month tightened its annual profit forecast towards the lower end as it struggles with supply chain issues and weak demand.
Snee will serve as a special advisor to the company until October 26 this year, and Hormel expects him to stay on as a consultant for another 18 months after that, the company said in a regulatory filing.
The company said it plans to name a permanent CEO in October next year.
It has also appointed John Ghingo, executive vice president for the retail business unit, as president of the company, also effective July 14.
Hormel had previously said Snee will serve as a strategic advisor to the board until the end of his tenure and for 18 months afterward.
(Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo)