Hormel Foods is re-hiring John Ghingo — the former president of its Applegate Farms brand — to run its retail division.
In a statement, Hormel CEO Jim Snee said Ghingo is a seasoned CPG veteran who has a “proven track record of driving brand growth.” Ghingo served as Applegate’s president between 2018 and 2022.
“I am confident that John is the ideal person to drive continued focus, innovation and growth within the Retail segment, aligned with our strategic priorities,” Snee said. “His deep expertise in the consumer packaged goods space, coupled with his understanding of our business, positions him perfectly for success.”
The appointment coincides with the announcement Monday that current executive vice president Deanna Brady will retire at the end of October after nearly three decades working for the maker of Planters and Skippy.
Ghingo’s appointment comes as the food and beverage industry faces pressure from cash-strapped consumers who have seen prices climb in recent years. This has softened demand for many products as shoppers cut back on spending.
Hormel reported a 7% year-over-year decline in net sales in May. Jacinth Smiley, the company’s CFO, attributed two-thirds of its retail decline to lower volumes for its Jennie-O turkey brand due to the ongoing bird flu outbreak.
Despite this challenge, the company saw gains in other areas of its portfolio in the first half of the year, namely in snacks such as Planters and Corn Nuts, and in specialty meats like Applegate and Spam. Snee told analysts the food manufacturer plans to double down on its snacks business.
Hormel is expected to report earnings on Wednesday, Sept. 4.
