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Hormel Foods has brought back former Applegate Farms brand president John Hingo to run its retail division.
Hormel CEO Jim Snee said in a statement that Ghingo is a seasoned CPG veteran with a “proven track record of driving brand growth.” Ghingo served as Applegate’s president from 2018 to 2022.
“I am confident that John is the ideal person to drive continued focus, innovation and growth in the retail space, aligned with our strategic priorities,” Snee said. “His deep expertise in the consumer packaged goods sector and his understanding of our business perfectly position him to drive success.”
The appointment coincides with the announcement Monday that current executive vice president Deanna Brady will retire at the end of October after nearly 30 years with the Planters and Skippy production company.
Ghingo's appointment comes as the food and beverage industry faces pressure from cash-strapped consumers who have seen prices rise in recent years, which has reduced demand for many products as shoppers cut back on spending.
Hormel reported a 7% year-over-year decline in net sales in May. The company’s CFO, Jacinth Smiley, attributed two-thirds of the retail decline to lower volumes of its Jenny-O turkey brand due to the ongoing avian flu outbreak.
Despite the challenges, the company saw gains in other areas of its portfolio in the first half, including snacks like Planters and Corn Nuts and specialty meats like Applegate and Spam. Snee told analysts that the food maker plans to double its snack business.
Hormel is expected to report earnings on Wednesday, September 4.
