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Get filing alertsHormel names President John Ghingo as CEO effective October 26, 2026
Filed July 28, 2026 · Period ending July 27, 2026 · ~1 min read
Key Changes
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John Ghingo, current President and Board member, appointed President and CEO effective October 26, 2026, succeeding interim CEO Jeffrey Ettinger whose term concludes October 25, 2026.
Item 5.02 verify on EDGAR → -
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Ghingo's base salary increases from $730,000 to $1.2 million effective July 27, 2026, then to $1.28 million upon assuming CEO role; short-term incentive target rises from 125% to 150% of base.
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CEO compensation includes $6.8 million annual long-term incentive target: 50% performance cash, 25% stock options, 25% time-based restricted stock units, with grants anticipated starting December 2026.
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Ettinger will remain on the Board after his interim CEO term ends, providing continuity during the leadership transition.
Item 5.02 verify on EDGAR →
Summary
Hormel Foods has completed its CEO succession plan, appointing current President John Ghingo as President and Chief Executive Officer effective October 26, 2026. Ghingo, who has served as President since July 2025 and brings over 20 years of consumer-packaged foods experience, will succeed Jeffrey Ettinger, whose interim CEO term concludes October 25, 2026 per his employment agreement. Ettinger will remain on the Board, ensuring continuity through the transition.
The appointment comes with a compensation package reflecting the CEO role: base salary rising to $1.28 million (from $730,000 as President), a $6.8 million annual long-term incentive target split across performance cash (50%), stock options (25%), and restricted stock units (25%), and a short-term incentive target of 150% of base salary. The planned succession from interim to permanent CEO provides leadership stability for the food company as it executes its strategic priorities.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On July 27, 2026, the Board of Directors (the “Board”) of Hormel Foods Corporation (the “Company”) appointed John F. Ghingo, the Company’s current President and a member of the Board, as the Company’s President and Chief Executive Officer, effective October 26, 2026.
John Ghingo, currently President, will become President and CEO on October 26, 2026. He brings over 20 years of consumer-packaged foods experience and has served as President since July 2025. This is a planned succession following the interim CEO period.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
access to Company aircraft for personal travel, up to $150,000 in aggregate incremental cost to the Company each fiscal year ... Mr. Ghingo will also be eligible for benefits under the Company’s Executive Severance Plan with a severance factor of two times based on his position as President and Chief Executive Officer.
Ghingo receives up to $150,000 annually in personal aircraft use and is eligible for the Executive Severance Plan with a two-times severance factor as CEO.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 29, 2026 · How we verify