Form 8-K HORMEL FOODS CORP /DE/ For: May 23

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D. C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15 (d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)   May 23, 2016

 

HORMEL FOODS CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

 

1 Hormel Place

Austin, MN  55912

(Address of Principal Executive Office)

 

Registrant’s telephone number, including area code:  (507) 437-5611

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Section 5 – CORPORATE GOVERNANCE AND MANAGEMENT

 

Item 5.02  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

On May 23, 2016, the Board of Directors of Hormel Foods Corporation (the Company) received notice of the upcoming retirement of Jody H. Feragen, who 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 then elected James N. Sheehan to be the Company’s next Senior Vice President and Chief Financial Officer, effective October 31, 2016.

 

On March 29, 2016, Sheehan, age 60, was elected to the position of Vice President and Chief Accounting Officer, effective May 30, 2016.  In this role, he is responsible for 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.  Prior to being named to this position, Sheehan was named Treasurer of the Company in 1999 and has served as Vice President and Controller for the past 16 years.

 

Sheehan has no family relationships with any member of the Board or any other executive officer of the Company, and is not a party to any transaction with the Company or any subsidiary of the Company.  Sheehan and the Company have not entered into any employment agreement in connection with his election as Senior Vice President and Chief Financial Officer.

 

A press release announcing Ms. Feragen’s retirement and Mr. Sheehan’s election is furnished as Exhibit 99 to this Form 8-K and is incorporated herein by reference.

 

 

Section 9 – FINANCIAL STATEMENTS AND EXHIBITS

 

Item 9.01 Financial Statements and Exhibits

 

(d)                 Exhibits furnished pursuant to Item 5.02

 

99       Press release issued May 25, 2016

 

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SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

	HORMEL FOODS CORPORATION
	(Registrant)
Dated: May 25, 2016	By	/s/ JEFFREY M. ETTINGER
		JEFFREY M. ETTINGER
		Chairman of the Board and
		Chief Executive Officer
Dated: May 25, 2016	By	/s/ JODY H. FERAGEN
		JODY H. FERAGEN
		Executive Vice President
		and Chief Financial Officer

 

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Exhibit 99

 

 

Investor Contact:	Media Contact:
Nathan Annis	Wendy A. Watkins
Hormel Foods	Hormel Foods
507-437-5248	507-437-5345
[email protected]	[email protected]

 

 

HORMEL FOODS ANNOUNCES CHIEF FINANCIAL OFFICER RETIREMENT AND APPOINTMENT

 

Jody H. Feragen to Retire as Executive Vice President and CFO and James N. Sheehan Appointed as Senior Vice President and CFO

 

AUSTIN, Minn. May 25, 2016-- 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.

 

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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.”

 

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