Jeffrey M. Ettinger to Retire as Chief Executive Officer and James
P. Snee Appointed as President and Chief Executive Officer
AUSTIN, Minn.--(BUSINESS WIRE)--
Hormel Foods Corporation (NYSE:HRL) today announced that Jeffrey M.
Ettinger will retire as chief executive officer on October 30, 2016.
Ettinger will continue to serve as Hormel Foods chairman of the board.
The Board of Directors elected James P. Snee to be the company's next
chief executive officer, effective October 31, 2016. Snee currently
serves as president and chief operating officer.
Ettinger served as chairman of the board, president and chief executive
officer from November 2006 to October 2015, when Snee was appointed
president and Ettinger became chairman of the board and CEO. Ettinger
joined Hormel Foods in 1989 and has served in a variety of roles,
including senior attorney, product manager for Hormel®
chili products and treasurer. In 1999, he was named president of
Jennie-O Turkey Store — the largest subsidiary of Hormel Foods, based in
Willmar, Minn. Ettinger was appointed president of Hormel Foods in 2004
and CEO effective January 1, 2006. He has served on the Hormel Foods
Board of Directors since 2004, and currently serves on the boards of The
Toro Company, Ecolab, Inc., North American Meat Institute, Grocery
Manufacturers Association, The Hormel Foundation, The Hormel Institute
and the Minnesota Business Partnership.
Under Ettinger’s leadership, Hormel Foods has grown through strategic
acquisitions, organic growth and a continued focus on new product
innovation. In 2016, Ettinger was named as one of the 30 World’s Best
CEOs by Barron’s. In 2012, he was named Responsible CEO of the Year by
Corporate Responsibility magazine. In addition, Ettinger is the founding
chair of the company’s diversity and inclusion council, which aims to
meet the growing needs of its diverse workforce and consumer base.
"Jeff has expertly piloted the company to significant growth and success
during his tenure, leading a talented management team in the delivery of
strong and consistent returns to Hormel Foods shareholders,” said John
L. Morrison, the board’s Lead Director. “Under his leadership, the
company added to an outstanding portfolio of brands through numerous
strategic acquisitions, most notably Wholly Guacamole®,
Skippy®, Muscle Milk®
and most recently, the Applegate® and Justin’s®
brands. While Jeff will certainly be missed, I am equally as confident
in the leadership of Jim Snee as he assumes the role of CEO. Jim is a
27-year veteran of the company and served as president and chief
operating officer for the last year. His excellent performance in this
role, along with his successful experience in running the company’s
International division and prior significant leadership roles in the
affiliated foods and foodservice units within Refrigerated Foods,
positions the company to continue to deliver outstanding results to its
shareholders. The company is in excellent hands.”
Ettinger noted, “It has been an honor to lead this great company
alongside our dedicated employees around the world. Hormel Foods has a
125-year legacy of delivering quality and innovation, as well as
meaningful value to all of our stakeholders. As Jim takes the helm, I am
confident that Hormel Foods will continue its growth trajectory as he
and the team build on our strong foundation of success.”
“It is truly an honor to be elected as the next CEO for Hormel Foods,”
said Snee. “This is a remarkable company made up of thousands of
inspired employees dedicated to providing inspired foods to our
customers around the world. Jeff has guided us with his strategic
leadership, brave innovation, unquestionable integrity, and unwavering
commitment to our communities and corporate citizenship. It has been a
pleasure to work directly with Jeff over the past year, and I look
forward to leading the company with this legacy of excellence. I am
certain we are well positioned for future success in the years to come.”
Snee becomes president and chief executive officer of Hormel Foods after
serving as president and chief operating officer since October 2015. In
that role, he led all of the company’s business segments and global
operations including Grocery Products, Refrigerated Foods, Specialty
Foods, Jennie-O Turkey Store and International & Other. Snee joined
Hormel Foods in 1989 in the foodservice division and served in various
positions within the group before being named manager of inventory and
distribution for the Refrigerated Foods segment in 1995. He was promoted
to foodservice area manager and foodservice regional sales manager in
1996 and 1998, respectively. Snee was named director of purchasing in
2006 and vice president of affiliated business units in 2008. He was
named vice president of Hormel Foods and senior vice president of Hormel
Foods International Corporation at the end of fiscal year 2011. Snee
advanced to group vice president of Hormel Foods and president of Hormel
Foods International Corporation in October 2012.
About Hormel Foods
Hormel Foods Corporation, based in
Austin, Minn., is a multinational manufacturer and marketer of
consumer-branded food and meat products, many of which are among the
best known and trusted in the food industry. Hormel Foods, which
leverages its extensive expertise, innovation and high competencies in
pork and turkey processing and marketing to bring branded, value-added
products to the global marketplace, is celebrating its 125th anniversary
in 2016. The company is a member of the Standard & Poor's (S&P) 500
Index, S&P 500 Dividend Aristocrats, and was named one of “The 100 Best
Corporate Citizens” by Corporate Responsibility Magazine for the eighth
year in a row. Hormel Foods also received a perfect score on the 2016
Human Rights Campaign Foundation’s Corporate Equality Index, was
recognized on the 2016 Best for Vets Employers List by Military Times,
and was named one of the 2016 Best Companies for Leaders by Chief
Executive magazine. The company enjoys a strong reputation among
consumers, retail grocers, foodservice and industrial customers for
products highly regarded for quality, taste, nutrition, convenience and
value. For more information, visit http://www.hormelfoods.com
and http://2015csr.hormelfoods.com/.
Forward Looking Statements
This news release contains
forward-looking information based on management’s current views and
assumptions. Actual events may differ materially. Please refer to the
cautionary statement regarding Forward-Looking Statements and Risk
Factors that appear on pages 33-40 in the company’s Form 10-Q for the
quarter ended July 24, 2016, which can be accessed at www.hormelfoods.com
under “Investors-SEC Filings.”
View source version on businesswire.com: http://www.businesswire.com/news/home/20160906006528/en/
Hormel Foods Corporation
Media Contact:
Wendy A. Watkins,
507-437-5345
media@hormel.com
or
Investor
Contact:
Nathan P. Annis, 507-437-5248
ir@hormel.com
Source: Hormel Foods Corporation