#United States #Hormel Foods #Austin, Minnesota #CEO Transition #James Snee

James P. Snee to Retire from Hormel Foods

Hormel Foods Corporation (NYSE: HRL), a prominent player in the global branded food industry, has announced that its Chairman, President, and CEO, James P. Snee, will retire at the conclusion of the fiscal year 2025. This announcement comes after Snee's remarkable 36-year career with the company, during which he has made significant contributions that have shaped the organization.

As part of this transition, the Board of Directors has established a search committee tasked with identifying his successor through the company’s existing CEO-succession process. The possibilities include both internal and external candidates. Snee has committed to serving as a strategic advisor to the Board until the end of the fiscal year 2025 and for an additional 18 months following the appointment of his successor.

Bill Newlands, the Board's independent lead director, expressed his gratitude towards Snee, acknowledging his unwavering dedication to Hormel Foods and the communities it serves. Newlands remarked on Snee's impactful career, illustrating a sense of optimism regarding the future of the company as it prepares for this leadership transition.

Reflecting on his eight-year tenure as CEO, Snee articulated his pride in having collaborated with a talented team that consistently pushed innovative projects and achieved transformational change. He highlighted the comprehensive strategies initiated during his leadership, which aimed to bolster the company's position in a rapidly evolving industry.

Under Snee's direction, Hormel Foods did not just grow in size but also enhanced its portfolio of protein-centered brands through various acquisitions, including the PLANTERS® snacking range, FONTANINI® for foodservice, and the CERATTI® brand focused on South America. One of the pivotal changes he spearheaded was the reorganization of Hormel's operating model intended to sharpen consumer and customer focus. More recently, he initiated the 'Transform Modernize for Growth' initiative, designed to position Hormel Foods for sustained success in the future.

A notable aspect of Snee's leadership has also been the firm commitment to increasing dividends. The company recently celebrated its 59th consecutive year of annual dividend increases, which speaks volumes about Hormel Foods' financial health and shareholder dedication.

Looking forward, Snee remains a candidate for election to the Board at the upcoming 2025 Annual Meeting of Stockholders, scheduled for January 28, 2025. Should he be elected, he will serve in his director role until his successor steps into his executive responsibilities.

Despite these changes in leadership, Hormel Foods has indicated that its performance outlook for fiscal 2025 remains steady and unchanged, showcasing the resilience and stability the company has developed.

About Hormel Foods

Based in Austin, Minnesota, Hormel Foods Corporation is a global branded food company renowned for its diverse product range and longstanding history. With annual revenue nearing $12 billion, the company markets a plethora of beloved brands across more than 80 countries. Notable names include PLANTERS®, SKIPPY®, SPAM®, and HORMEL® NATURAL CHOICE®, among others. Hormel Foods is a member of the S&P 500 index and has received accolades for its corporate responsibility and workplace culture, living by its motto: "Inspired People. Inspired Food." For more information on Hormel Foods and its portfolio of brands, please visit hormelfoods.com.