Hormel Foods Chairman, President and CEO James P. Snee to Retire at the End of the Fiscal Year by Investing.com

Austin, Minnesota., January 14, 2025 /PRNewswire/ — Hormel Foods Company (NYSE:NYSE:), a Fortune 500 global branded food company, made the announcement today James B. SneeChairman, President and CEO, will retire at the end of fiscal year 2025, after a distinguished 36-year career with the company.

The Board of Directors has formed a search committee and will utilize the existing CEO succession process to identify a Sunni successor. Internal and external candidates are being considered. Sunni has agreed that once his successor is named, he will serve as a strategic advisor to the Board of Directors until the end of fiscal year 2025 and for 18 months thereafter.

Bill Newlands“On behalf of the entire Board, we extend our gratitude to Jim for his dedication to Hormel foodsits shareholders, employees and communities. We congratulate him on his impressive career and look forward to working with him in the coming months to implement an effective transition and deliver on our business requirements.”

“As the CEO of a company,” Sunni said Hormel foods Over the past eight years, I have been fortunate to work alongside the most talented and committed team in the industry. I am proud of the impactful, innovative and transformational work we have accomplished during my tenure, which has been a time of rapid and significant change. My deepest gratitude goes to the leaders who came before me and to all the dedicated colleagues I have worked with during my 36-year career. As we begin this transformation, I am confident in the bright future that lies ahead Hormel foods“.

Under Sunny’s leadership, the company has grown its roster of protein-focused brands through acquisitions in the retail, foodservice and international sectors: Farmers ^® Snack wallet, FONTANINI ^® Branded food service businesses south america-Cerate concentration ^® Brand. Sunny has also launched significant initiatives aimed at enabling the company to succeed in the long term, including realigning its operating model to increase focus on consumers and customers, and most recently a transformation and modernization initiative for growth. During Sunni’s tenure, the company has continued its legacy of earnings growth. in November 2024, Hormel foods announced 59^y A consecutive year of annual dividend increases.

Sunni continues his candidacy for election to the Board of Directors at the 2025 Annual Shareholders Meeting, which is scheduled to be held January 28, 2025. If elected, Sunni is expected to serve as director until his successor assumes his executive roles.

The company’s financial performance forecast for 2025 remains unchanged.

on Hormel foods ” Inspiring people. Inspiring food.^™
Hormel Foods Companyheadquartered in Austin, Minnesotais a global brand food company with approx 12 billion dollars in annual revenue across more than 80 countries around the world. Its brands include planters ^®Skippy ^®spam emails ^®, Hormel ^® Natural choice ^®Applegate ^®Justin ^®entirely ^®, Hormel ^® Black label ^®, Columbus ^®,Jenny-O ^® And over 30 other beloved brands. The company is a member of the S&P 500 Dividend Aristocrats Index, and has been selected as one of the Best Companies to Work For US News and World Reportone of America’s most responsible companies according to Newsweek magazine, and recognized by Time magazine As one of the best companies in the world and has received many awards and other honors for its corporate responsibility and efforts to serve society. The company lives by its purpose statement.” Inspiring people. Inspiring food.^™ “To bring some of the world’s most recognized and 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 regarding the Company’s view of the future as well as other statements about future beliefs, plans, strategies or anticipated events and similar expressions regarding matters that are not historical facts. Words or phrases such as “should lead”, “believes”, “intends”, “plans”, “is expected to”, “targets”, “will continue”, “will approximate”, “is expected”, “estimates”, “Project” or similar expressions 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, factors including, but not limited to, risks related to deterioration in economic conditions; risks associated with acquisitions, joint ventures, equity investments and divestitures; potential disruption to operations, including at participating manufacturers, suppliers, logistics providers, customers or other third-party service providers; failure to achieve anticipated cost savings or operating efficiencies associated with strategic initiatives; risk of loss of a material contract; the Company’s inability to protect its information technology systems against or effectively respond to cyberattacks or security breaches; deterioration in labor relations, labor availability or increased labor costs; General risks of the food industry, including food contamination; Disease outbreaks among livestock and poultry herds; fluctuations in commodity prices and availability of raw materials and other inputs; Fluctuations in market demand for the Company’s products; Damage to the company’s reputation or brand image; climate change, or legal, regulatory or market measures to address climate change; Litigation risks. potential penalties and compliance costs arising from government regulation; compliance with stringent environmental regulations and potential environmental litigation; And risks arising from the company’s external operations. Please refer to the cautionary statements regarding “risk factors” and “forward-looking statements” that appear 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. In the “Investors” section, for additional information. In making such statements, the Company does not undertake, and specifically declines to undertake, any obligation to address or update all or any factor in future filings or communications relating to the Company’s business or results, nor undertake to address how any such factors may have caused changes in discussions or Information contained in previous recordings or communications. Although the Company has attempted to list these important cautionary risk factors comprehensively, the Company wishes to caution investors and others that other factors may in the future prove more significant 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 they are made.