Hormel Foods Chairman, President and CEO James P. Snee to Retire at End of Fiscal Year

Leadership Transition - James P Snee, chairman of the board, president and CEO of Hormel Foods, will retire at the end of fiscal 2025 after a 36-year career with the company [4] - The Board has formed a search committee to identify Snee's successor, considering both internal and external candidates [4] - Snee will serve as a strategic advisor to the Board through the end of fiscal year 2025 and for 18 months thereafter once his successor is named [4] - Snee continues to be a candidate for election to the Board at its 2025 Annual Meeting of Stockholders, scheduled for January 28, 2025 [3] Company Performance and Initiatives - Under Snee's leadership, Hormel Foods grew its protein-centric brands through acquisitions in Retail, Foodservice and International segments, including PLANTERS, FONTANINI and CERATTI [1] - Snee launched critical initiatives for long-term success, including reorganization of the operating model and the Transform & Modernize for growth initiative [1] - The company announced its 59th consecutive year of annual dividend increases in November 2024 [1] - The company's fiscal 2025 performance outlook remains unchanged [3] Company Overview - Hormel Foods Corporation is a global branded food company with approximately $12 billion in annual revenue across more than 80 countries [2] - The company's brands include PLANTERS, SKIPPY, SPAM, HORMEL NATURAL CHOICE, APPLEGATE, JUSTIN'S, WHOLLY, HORMEL BLACK LABEL, COLUMBUS, JENNIE-O and more than 30 other brands [2] - Hormel Foods is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats [2] - The company has received numerous awards and accolades for corporate responsibility and community service efforts [2]