Hormel Foods chairman, president and CEO James P. Snee to retire at end of fiscal year Investing.com

AUSTIN, Minnesota, January 14, 2025 /PRNewswire/ — Hormel Foods Corporation (NYSE: NYSE: ), a Fortune 500 global food company, announced today James P. Sneechairman, president and chief executive officer, will retire at the end of fiscal year 2025, after a distinguished 36-year career with the company.

The board has formed a search committee and will benefit from the existing CEO succession process to identify Snee’s successor. Internal and external candidates are considered. Snee has agreed that once his successor is named, he will serve as a strategic advisor to the Board through the end of fiscal year 2025 and for 18 months thereafter.

Bill Newlandsindependent managing director of the board, said: “On behalf of the entire board of directors, we express our gratitude to Jim for his dedication Hormel Foodsto its shareholders, employees and communities. We congratulate him on a successful career and look forward to working with him in the months ahead to make an effective transition and meet our business imperatives.”

Snee said, “As CEO Hormel Foods For the past eight years, I have been blessed to work with the most talented and dedicated team in the industry. I am proud of the influential, innovative and transformational work we achieved during my mandate, which was a period of rapid and significant change. From the bottom of my heart, I thank the leaders who came before me and all the dedicated colleagues I worked with during my 36-year career. As we begin this transition, I am confident of a bright future ahead Hormel Foods.”

Under Snee’s leadership, the company grew its roster of protein-focused brands with acquisitions in the retail, foodservice and international segments: PLANTERS ^® portfolio of snacks, FOUNTAINS ^® branded service business i South America-focused CERATTI ^® brand. Snee also launched critical initiatives designed to position the company for long-term success, including reorganizing its operating model for greater consumer and customer focus and, most recently, the Transform & Modernize for growth initiative. During Snee’s tenure, the company continued its legacy of dividend growth. IN November 2024, Hormel Foods announced his 59^th consecutive year of annual dividend increases.

Snee remains a candidate for election to the board at the 2025 annual meeting of stockholders, which is scheduled for January 28, 2025. If elected, Snee is expected to serve as director until a successor takes over his executive roles.

The company’s business outlook for fiscal 2025 remains unchanged.

About Hormel Foods ” Inspired people. Inspired food.^™
Hormel Foods Corporationbased in Austin, Minnesotais a global branded food company with approx 12 billion dollars annual income in more than 80 countries of the world. Its brands include PLANTERS ^®SKIPPY ^®SPAM ^®, HORMEL ^® NATURAL SELECTION ^®APPLE ^®JUSTINOVA ^®COMPLETELY ^®, HORMEL ^® BLACK LABEL ^®, COLUMBUS ^®JENNIE-O ^® and more than 30 other favorite brands. The company is also a member of the S&P 500 Dividend Aristocrats, named one of the best companies to work for by US News and World Reportone of the most responsible American companies according to Newsweek, recognized by TIME magazine as one of the world’s best companies and has received numerous other awards and recognitions for its corporate responsibility and efforts for the benefit of the community. The company lives up to its mission statement ” Inspired people. Inspired food.^™ ” to bring some of the world’s most trusted brands to tables around the world. For more information, visit hormelfoods.com.

FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking” information within the meaning of the federal securities laws. Forward-looking information may include statements about the Company’s prospects for the future, as well as other statements about beliefs, future plans, strategies or expected events and similar expressions concerning matters that are not historical facts. Words or phrases such as “should result”, “believe”, “intend”, “plan”, “expect”, “target”, “will continue”, “will approximate”, “expect”, “estimate,” “project” or similar terms are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those projected or projected, which factors include, but are not limited to, risks associated with deterioration in economic conditions; risks associated with acquisitions, joint ventures, equity investments and disposals; potential business interruption, including with co-manufacturers, suppliers, logistics providers, customers or other third-party service providers; failure to achieve anticipated cost savings or operational efficiencies associated with strategic initiatives; the risk of losing a material contract; the Company’s inability to protect information technology systems from, or effectively respond to, cyber attacks or security breaches; deterioration of labor relations, availability of labor or increases in labor costs; general food industry risks, including food contamination; disease outbreaks among flocks of livestock and poultry; fluctuations in commodity prices and the availability of raw materials and other inputs; fluctuations in market demand for the Company’s products; damaging the company’s reputation or image; climate change or legal, regulatory or market measures to address climate change; litigation risks; possible sanctions and compliance costs arising from state regulations; compliance with strict environmental regulations and potential environmental litigation; and risks arising from the Company’s operations abroad. Please see the cautionary statements regarding “Risk Factors” and “Forward-Looking Statements” appearing in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be accessed at www.hormelfoods.com at section “Investors”, for additional information. In making these statements, the Company does not undertake, and specifically declines to undertake, any obligation to address or update each or any factor in future filings or communications regarding the Company’s operations or results, and undertakes no obligation to address the manner in which any of these factors may cause changes in discussions or information contained in previous submissions or communications. Although the Company has attempted to comprehensively list these important cautionary risk factors, the Company wishes to warn investors and others that other factors may prove important in the future in affecting the Company’s business or results of operations. The Company cautions readers not to place undue reliance on forward-looking statements, which represent current views as of the date hereof.