Hormel Foods executive relocates to Singapore subsidiary

Hormel Foods Corporation (NYSE: HRL) announced that Swen Neufeldt, Group Vice President, International, will relocate to the company's Singapore subsidiary, Hormel Foods Asia Pacific Pte. Ltd., according to a company filing.

The international assignment begins around July 27, 2026, for an indefinite term. Neufeldt will maintain his current role as Group Vice President, International while working from Singapore.

Under the assignment agreement, Neufeldt will receive his current annual base salary of $526,400 plus a cost-of-living adjustment of $56,103 per year. He remains eligible for the company's incentive programs and employee benefits.

The company will provide relocation benefits including a $20,000 special relocation payment, up to $25,000 for household goods shipment, and reimbursement for expenses related to selling his U.S. residence with tax assistance on the first $100,000 of reimbursable expenses. Additional benefits include up to $15,000 for property management expenses until the home sale.

In Singapore, Neufeldt will receive an annual housing allowance with a company-paid portion of $90,566, utilities coverage, tax equalization payments, international health plan coverage for him and his spouse, company automobile or driver service, and personal insurance coverage.

If Neufeldt resigns or is terminated for cause before the three-year anniversary of the assignment start date, he must repay certain relocation costs on a pro-rata basis, except in cases of qualified retirement as defined in the agreement.

The company will provide relocation assistance when the international assignment concludes or if terminated by the company without cause.

You May Also Be Interested In

• Tesla Crash Into Texas Home Now Under Federal Safety Probe - WSJ
• A.O. Smith executive chairman to retire, CEO to assume chairman role
• Gil Issachar steps down as CTO at Firefly Neuroscience