Hormel Foods has announced that board chair, president and chief executive officer, James P Snee will retire at the end of the financial year 2025.
Snee, who spent 36 years with the company, was instrumental in building its portfolio of protein-centric brands, the company added.
He oversaw various acquisitions in its retail, foodservice and international segments, including the Planters snacking portfolio, the Fontanini branded foodservice business, and the South America-focused Ceratti brand.
'An Impactful Career'
Bill Newlands, the board's independent lead director, said, "On behalf of the entire board of directors, we extend our gratitude to Jim for his dedication to Hormel Foods, its stockholders, its employees and its communities.
"We congratulate him on an impactful career and look forward to working with him in the months ahead to execute an effective transition and deliver on our business imperatives."
Snee also launched various initiatives designed to position the company for long-term success, including the reorganisation of its operating model for greater consumer and customer focus.
During Snee's tenure, Hormel Foods continued its legacy of dividend growth, and in November 2024, the company announced its 59th consecutive year of annual dividend increases.
Snee stated, "As CEO of Hormel Foods for the last eight years, I have been blessed 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 period of rapid and significant change.
"My heartfelt gratitude goes to the leaders who came before me and to all the dedicated colleagues I've worked with during my 36-year career. As we begin this transition, I'm confident in the bright future that lies ahead for Hormel Foods."
Succession Plan
Once a successor has been named, Snee will serve as a strategic advisor to Hormel Foods' board through the end of fiscal year 2025 and for 18 months thereafter.
He continues to be a candidate for election to the board at its 2025 Annual Meeting of Stockholders, scheduled for 28 January 2025.
If elected, Snee is expected to serve as a director until a successor assumes his executive roles, the company noted.
In December 2024, Hormel Foods forecast annual sales and profit below estimates, hurt by slowing demand for its snacking and meat products, including its Jennie-O Turkey brand.
