Hormel Meals’ former CEO Jeffrey Ettinger to return on interim foundation
(Corrects CEO James Snee’s age to 58 from 57 in paragraph 2)
(Reuters) -Hormel Meals mentioned on Monday former CEO Jeffrey Ettinger will return to helm the Skippy peanut butter maker on an interim foundation for 15 months beginning July 14.
Ettinger, 66, served as chief govt from 2005 to 2016 and can exchange present Hormel CEO and president James Snee, 58, who introduced his retirement in January.
The administration transition comes after the corporate final month tightened its annual revenue forecast in the direction of the decrease finish because it struggles with provide chain points and weak demand.
Snee will function a particular advisor to the corporate till October 26 this yr, and Hormel expects him to remain on as a advisor for an additional 18 months after that, the corporate mentioned in a regulatory submitting.
The corporate mentioned it plans to call a everlasting CEO in October subsequent yr.
It has additionally appointed John Ghingo, govt vp for the retail enterprise unit, as president of the corporate, additionally efficient July 14.
Hormel had beforehand mentioned Snee will function a strategic advisor to the board till the tip of his tenure and for 18 months afterward.
(Reporting by Neil J Kanatt in Bengaluru; Modifying by Leroy Leo)
