Jim Snee, the chairman, president, and CEO of Hormel Foods, will step down from his role by the end of the company’s financial year.
Having dedicated over three decades to Hormel, Snee has successfully led the Spam manufacturer for the past eight years.
In an official statement released today (14 January), Hormel announced the formation of a search committee that will evaluate both internal and external candidates for Snee’s replacement.
Upon the appointment of a new CEO, Snee will transition into a strategic advisor role for the company’s board until the end of fiscal 2025, scheduled to conclude later in October, and for an additional 18 months thereafter.
Snee expressed gratitude: “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.”
He further stated, “As we begin this transition, I’m confident in the bright future that lies ahead for Hormel Foods.”
Despite this leadership change, Hormel stated that its outlook for the 2025 fiscal year remains unchanged.
Bill Newlands, the board’s independent lead director, remarked, “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.”
During Hormel’s 2024 financial year, net sales declined by 1.6% to $11.9 billion, while net earnings increased by 1.4% to $805 million.
In September, Hormel cut its forecast for annual net sales due to lower commodity prices and production disruptions at a facility in Virginia.
Additionally, in October, the company sold its Health Labs business to Paine Schwartz Partners-owned Lyons Magnus for an undisclosed sum.
Under Snee’s leadership, among other notable corporate moves, Hormel executed a $3.3 billion acquisition of Kraft Heinz’s Planters snack-nut business in 2022.
In 2021, Hormel partnered with The Better Meat Co. to introduce new mycoprotein and plant-based protein products.
The previous year, Hormel acquired local meat business Sadler’s Smokehouse for $270 million.
In 2019, the company took its first step into plant-based offerings by acquiring the meat-alternative brand Happy Little Plants.
