Hormel Foods Corporation disclosed an International Assignment Agreement with Swen Neufeldt, Group Vice President of International, for his relocation to the company's subsidiary in Singapore. Mr. Neufeldt will continue in his current role while being assigned to Hormel Foods Asia Pacific Pte. Ltd., with the agreement outlining his compensation, allowances, and relocation benefits.
Key Details
- Executive & Assignment: The agreement, dated June 9, 2026, covers Swen Neufeldt's international assignment to Singapore, which is scheduled to begin on or around July 27, 2026, for an indefinite term.
- Compensation Package: Mr. Neufeldt will maintain his annual base salary of $526,400 and receive an additional annual cost-of-living adjustment of $56,103. He remains eligible for the company's short-term and long-term incentive programs.
- Relocation & Housing Benefits: The agreement provides for a one-time relocation payment of $20,000, up to $25,000 for household goods shipment, and an annual company-paid housing allowance of $90,566. It also includes tax equalization services and reimbursement for certain home sale expenses.
- Repayment Clause: If Mr. Neufeldt resigns or is terminated for cause within three years of the assignment start date, he is required to repay certain relocation costs on a pro-rata basis.