said Joel Johnson will retire as chairman of the board after serving in the position for 11 years.
Jeffrey Ettinger, Hormel's president and chief executive, will take over as chairman. Ettinger was elected to the position of president in 2004 and chief executive officer in 2005. He joined the company in 1989.
Additionally, Hormel boosted its quarterly dividend to 15 cents a share from the old rate of 14 cents. The first quarterly dividend at the new rate will be paid Feb. 15 to stockholders of record Jan. 20.