Hormel Names New CEO as Jeff Ettinger Prepares to Step Downby
James Snee, a company veteran, elevated from operating chief
Spam maker has pushed into new categories under current CEO
Hormel Foods Corp., the maker of Spam, is getting a new chief executive officer.
Chief Operating Officer James Snee, who has been with the company for almost 30 years, will take over on Oct. 31, the company said in a statement Tuesday. He’ll replace Jeff Ettinger, who has been CEO since November 2006.
Under Ettinger, the company added brands such as Wholly Guacamole, Skippy peanut butter and the supplement drink Muscle Milk.
“Jeff has expertly piloted the company to significant growth and success,” John Morrison, the lead director on the company’s board, said in the statement. Ettinger will continue to serve as chairman of Austin, Minnesota-based Hormel’s board after he steps down on Oct. 30, Hormel said.
Hormel’s shares slipped 1.9 percent to $37.90 as of 10:11 a.m. in New York following the announcement. The stock had dropped 2.3 percent this year through the close of trading on Tuesday.