0811 ET - Jim Snee is planning to retire from Hormel at the end of the year after spending the past eight years trying to grow the Minnesota company's portfolio of packaged meats and snacks. Snee, a company veteran that joined Hormel--made famous by supplying Spam to U.S. troops during World War II--in 1989, took over as CEO in 2016 from Jeffrey Ettinger and continued his vision of pushing the company beyond its pork and turkey processing businesses and into foods with more stable profit margins. Snee acquired Planters from Kraft for about $3 billion during his tenure but the company has struggled with a volatile pork market and supply chain disruptions following the pandemic. Hormel's stock is down about 5% over the past 12 months. Shares of the company tick up 1% premarket. (patrick.thomas@wsj.com)
(END) Dow Jones Newswires
January 14, 2025 08:11 ET (13:11 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.