Hormel Foods Corporation Chairman, President, and CEO to Retire by End of Fiscal Year

Hormel Foods Corporation (NYSE: HRL) recently disclosed in an 8-K filing with the Securities and Exchange Commission that James P. Snee, the current Chairman of the Board, President, and CEO, will retire at the conclusion of the company’s fiscal year 2025, which is on October 26, 2025. The company and Mr. Snee have mutually agreed on his retirement plan which includes his continued service as President and CEO until his departure or until a successor is appointed.

Upon the appointment of his successor, Mr. Snee will transition into a consulting role for 18 months to facilitate a smooth transition for the company and his replacement. The company issued a press release regarding Mr. Snee’s retirement on January 14, 2025, which detailed the impending changes in leadership.

As part of the arrangement, while under employment with Hormel Foods, Mr. Snee will maintain his salary, receive shares under the Operators’ Share Plan, participate in the Annual Incentive Plan, and be eligible for various additional benefits and compensations. Upon retirement, Mr. Snee will receive several post-termination benefits including accrued vacation days, legal fees coverage, and ownership of his company-provided vehicle.

The company and Mr. Snee documented the terms of this arrangement in a Retirement and Transition Agreement on January 9, 2025, and anticipate entering into a Consulting Agreement prior to his departure, to delineate the remaining terms of the transition.

Hormel Foods has already initiated the process of finding Mr. Snee’s successor through a search committee. Internal and external candidates are being considered for this role.

Mr. Snee expressed gratitude for his time at Hormel Foods, noting the company’s growth and strategic initiatives under his leadership. He underlined his confidence in the future of the company as he prepares to step down from his current positions.

The company’s performance outlook for fiscal 2025 remains unaffected by this transition. Hormel Foods Corporation, a Fortune 500 company, emphasizes its values of inspired people and inspired food, boasting a diverse portfolio of globally recognized brands.

This announcement comes following a significant period of change and growth under Mr. Snee’s leadership, marked by strategic acquisitions and initiatives aimed at positioning Hormel Foods for long-term success.

For further details and comprehensive information regarding Hormel Foods Corporation, interested parties are directed to refer to the official Form 8-K filing released by the company, as well as the accompanying press release linked to the filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hormel Foods’s 8K filing here.

Hormel Foods Company Profile

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Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.

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