Jody H. Feragen to Retire as Executive Vice President and CFO and
James N. Sheehan Appointed as Senior Vice President and CFO
AUSTIN, Minn.--(BUSINESS WIRE)--
Hormel Foods Corporation (NYSE:HRL) today announced that Jody H. Feragen
will retire as executive vice president and chief financial officer, and
as a member of the Board of Directors, effective October 30, 2016. The
Board of Directors elected James N. Sheehan to be the company's next
senior vice president and chief financial officer, effective October 31,
2016. Sheehan was most recently elected as vice president and chief
accounting officer for the company.
For the last decade, Feragen led all financial areas of Hormel Foods
Corporation including accounting, information technology, internal
audit, investor relations and treasury. She joined Hormel Foods in 2000
as treasurer, assuming the title of vice president and treasurer in
2001. She was promoted to vice president of finance and treasurer in
2005 and was named senior vice president and CFO in 2007. She was
promoted to executive vice president and CFO in 2010. Feragen has served
on the Hormel Foods Board of Directors since 2007, and currently on the
boards of Patterson Companies Inc., Graco, Inc. and the University of
North Dakota Alumni Association and Foundation.
“When Jody’s outstanding ten-year tenure as CFO concludes at the end of
this fiscal year, she will have played an integral role in helping
Hormel Foods to deliver exceptional returns to our shareholders. She has
provided rigorous and strategic focus to a broad array of decisions and
initiatives, and has built a strong team of finance, tax, IT, investor
relations and accounting personnel for our company,” said Jeffrey M.
Ettinger, chairman and chief executive officer, Hormel Foods.
Ettinger added, “Jim is a true professional with deep knowledge of the
Hormel Foods business and culture built over a 30-plus year career in
finance and accounting. I am highly confident in Jim’s leadership and
capabilities in this new role.”
Sheehan has been in finance and accounting leadership roles at Hormel
Foods for more than twenty years.As vice president and chief
accounting officer at Hormel Foods, Sheehan’s responsibilities include
financial policies, internal controls, Sarbanes-Oxley Section 404
compliance and financial reporting as well as the general accounting,
cost and business unit accounting functions of the company. He also
oversees the information technology organization.
An employee of Hormel Foods for more than 30 years, Sheehan began his
career as an accountant, quickly advancing to other management positions
within the company. In 1998, he became president of Hormel Financial
Services where he was instrumental in developing and implementing Hormel
Financial Services functions and several financial systems. Prior to
being named to his current position, Sheehan was treasurer at Hormel
Foods and served as vice president and controller for 16 years. He is
involved in industry organizations including the Financial Executive
Institute and the Institute of Management Accountants.
In addition to his professional involvement, Sheehan is an active member
of the community as the treasurer of both the Austin Area Catholic
School Foundation and the Austin Country Club. He is also a former board
member of the Mower County Red Cross, the Mower County United Way and
the Austin Public Library
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, will celebrate
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://2014csr.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 30 - 35
in the company’s Form 10-Q for the quarter ended January 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/20160525005225/en/
Hormel Foods Corporation
Investor Contact:
Nathan
Annis, 507-437-5248
npannis@hormel.com
or
Media
Contact:
Wendy A. Watkins, 507-437-5345
media@hormel.com
Source: Hormel Foods Corporation