Recent Updates — HRL

Hormel Foods Corporation announced that John F. Ghingo will commence service as President and Chief Executive Officer on October 26, 2026. The company terminated Mr. Ghingo's previous employment agreement related to his role as President, which was scheduled to expire on December 31, 2026, through a letter agreement entered into on October 23, 2026. Under the new arrangement, Mr. Ghingo will serve without a specified term in his expanded capacity while continuing as a Board member. Hormel Foods Corporation operates in the food processing industry, producing and distributing branded meat and food products.

Sally J. Smith notified Hormel Foods Corporation of her decision to retire as a member of the Board of Directors, effective upon the expiration of her current term at the 2027 Annual Meeting of Stockholders. Ms. Smith will not stand for re-election and her departure is unrelated to any disagreements with the company. Hormel Foods Corporation operates in the food processing industry, producing and distributing branded meat and food products.

Hormel Foods Corporation entered into a definitive agreement on September 29, 2026, to acquire all outstanding membership interests of Brakebush Brothers, LLC for approximately $1.055 billion in cash. The transaction is expected to close during the first quarter of Hormel's fiscal 2027, subject to customary closing conditions including antitrust regulatory approvals under the Hart-Scott-Rodino Act. Brakebush generated approximately $1.2 billion in net sales over the last twelve months and operates five production facilities. The acquisition aims to strengthen Hormel Foods' position in the growing value-added chicken category and enhance its Foodservice segment capabilities through Brakebush's direct sales organization and customer relationships. Hormel Foods Corporation is a global branded food company operating in the consumer packaged goods industry.

Hormel Foods Corporation announced the appointment of Ash Bhumbla as Executive Vice President and Chief Financial Officer, effective September 8, 2026. Paul R. Kuehneman will conclude his service as Interim CFO but remain Vice President and Controller. Mr. Bhumbla brings prior experience as Senior Vice President and CFO for Tyson Foods' Chicken segment and Perdue Farms. His compensation package includes a $700,000 annual base salary, a target short-term incentive of 100% of base salary, and a $2.1 million annual long-term incentive target comprising cash, stock options, and restricted stock units. He also receives a $700,000 one-time sign-on award and a $1.2 million restricted stock unit grant subject to vesting over three years. Hormel Foods Corporation operates in the food processing industry, producing and distributing branded meat and poultry products.

Hormel Foods Corporation appointed John F. Ghingo as President and Chief Executive Officer, effective October 26, 2026. Ghingo, currently President and a Board member, succeeds Jeffrey M. Ettinger, whose service as Interim CEO concludes on October 25, 2026. The Board approved Ghingo's annual base salary increase to $1.2 million and a short-term incentive target of 150% of base salary. As CEO, Ghingo will receive a $1.28 million base salary, a $6.8 million annual long-term incentive target, and severance benefits equal to two times his base salary. Hormel Foods Corporation operates in the consumer-packaged foods industry, producing and distributing a wide range of meat and food products.

Hormel Foods Corporation entered into an International Assignment Letter with Swen Neufeldt, Group Vice President, International, on June 9, 2026. Mr. Neufeldt will be assigned to the company's subsidiary, Hormel Foods Asia Pacific Pte. Ltd., in Singapore starting approximately July 27, 2026, for an indefinite term. He will maintain his current role and an annual base salary of $526,400, plus a $56,103 cost-of-living adjustment. The agreement includes various relocation benefits, such as a $20,000 relocation payment, a $25,000 household goods allowance, and a $90,566 annual housing allowance. Hormel Foods Corporation is a food company that produces and markets various branded consumer products.