Form 8-K · Current report
Hormel Foods 8-K, filed Jul 28, 2026
- Filed
- CIK
- 0000048465
- Accession no.
- 0000048465-26-000047
Summary
Hormel Foods' board appointed John F. Ghingo, the company's current President and a board member, as President and Chief Executive Officer effective October 26, 2026, with Jeffrey M. Ettinger's service as Interim CEO concluding October 25, 2026; both men will continue to serve on the board. Ghingo's compensation as CEO includes an initial base salary of $1.28 million, a short-term incentive target of 150% of base salary, and an annual long-term incentive target of $6.8 million.
Key points
- The board raised Ghingo's base salary from $730,000 to $1.2 million annually effective July 27, 2026, and increased his short-term incentive target from 125% to 150% of base salary.
- Ghingo has been Hormel's President since July 2025 and previously led the subsidiary Applegate Farms and served as CEO of Whisps Acquisition Corporation.
- Ettinger's interim CEO role ends under the terms of his June 20, 2025 employment agreement, and he remains a director.
- As CEO, Ghingo's long-term incentive award is split roughly 50% performance cash, 25% stock options, and 25% time-based restricted stock units, with grants anticipated from December 2026.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
Items reported
- 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
From the filing
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 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. Mr. Ghingo will continue to serve as a member of the Board. Jeffrey M. …
An excerpt of the text as filed with the SEC, cut for length.
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