Form 8-K HORMEL FOODS CORP /DE/ For: Sep 06

 

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)   September 6, 2016

 

HORMEL FOODS CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware	1-2402	41-0319970
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

 

 

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 September 6, 2016, the Board of Directors of Hormel Foods Corporation (the Company) received notice of the upcoming retirement of Jeffrey M. Ettinger, who will retire as chief executive officer, effective October 30, 2016.  Ettinger will continue to serve as the Company’s chairman of the board.  The Board of Directors then elected James P. Snee to be the Company’s next chief executive officer, effective October 31, 2016.

 

Snee becomes president and chief executive officer of Hormel Foods after serving as president and chief operating officer since October 26, 2015.  In that role, he led all of the company’s business segments and global operations including Grocery Products, Refrigerated Foods, Specialty Foods, Jennie-O Turkey Store and International & Other.  Snee joined Hormel Foods in 1989 in the foodservice division and served in various positions within the group before being named manager of inventory and distribution for the Refrigerated Foods segment in 1995.  He was promoted to foodservice area manager and foodservice regional sales manager in 1996 and 1998, respectively.  Snee was named director of purchasing in 2006 and vice president of affiliated business units in 2008. He was named vice president of Hormel Foods and senior vice president of Hormel Foods International Corporation at the end of fiscal year 2011.  Snee advanced to group vice president of Hormel Foods and president of Hormel Foods International Corporation in October 2012.

 

Snee 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.  Snee and the Company have not entered into any employment agreement in connection with his election as president and chief executive officer.

 

A copy of the release 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 September 6, 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: September 6, 2016	By /s/ JODY H. FERAGEN
	JODY H. FERAGEN
	Executive Vice President
	Chief Financial Officer
Dated: September 6, 2016	By /s/ JAMES N. SHEEHAN
	JAMES N. SHEEHAN
	Vice President
	and Chief Accounting Officer

 

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Exhibit 99

 

 

 

HORMEL FOODS ANNOUNCES CHIEF EXECUTIVE OFFICER RETIREMENT AND APPOINTMENT

 

Jeffrey M. Ettinger to Retire as Chief Executive Officer and James P. Snee Appointed as President and Chief Executive Officer

 

AUSTIN, Minn., (September 6, 2016) -- Hormel Foods Corporation (NYSE: HRL) today announced that Jeffrey M. Ettinger will retire as chief executive officer on October 30, 2016. Ettinger will continue to serve as Hormel Foods chairman of the board. The Board of Directors elected James P. Snee to be the company’s next chief executive officer, effective October 31, 2016. Snee currently serves as president and chief operating officer.

 

Ettinger served as chairman of the board, president and chief executive officer from November 2006 to October 2015, when Snee was appointed president and Ettinger became chairman of the board and CEO. Ettinger joined Hormel Foods in 1989 and has served in a variety of roles, including senior attorney, product manager for Hormel® chili products and treasurer. In 1999, he was named president of Jennie-O Turkey Store — the largest subsidiary of Hormel Foods, based in Willmar, Minn. Ettinger was appointed president of Hormel Foods in 2004 and CEO effective January 1, 2006. He has served on the Hormel Foods Board of Directors since 2004, and currently serves on the boards of The Toro Company, Ecolab, Inc., North American Meat Institute, Grocery Manufacturers Association, The Hormel Foundation, The Hormel Institute and the Minnesota Business Partnership.

 

Under Ettinger’s leadership, Hormel Foods has grown through strategic acquisitions, organic growth and a continued focus on new product innovation. In 2016, Ettinger was named as one of the 30 World’s Best CEOs by Barron’s. In 2012, he was named Responsible CEO of the Year by Corporate Responsibility magazine. In addition, Ettinger is the founding chair of the company’s diversity and inclusion council, which aims to meet the growing needs of its diverse workforce and consumer base.

 

“Jeff has expertly piloted the company to significant growth and success during his tenure, leading a talented management team in the delivery of strong and consistent returns to Hormel Foods shareholders,” said John L. Morrison, the board’s Lead Director. “Under his leadership, the company added to an outstanding portfolio of brands through numerous strategic acquisitions, most notably Wholly Guacamole®, Skippy®, Muscle Milk® and most recently, the Applegate® and Justin’s® brands.  While Jeff will certainly be missed, I am equally as confident in the leadership of Jim Snee as he assumes the role of CEO. Jim is a 27-year veteran of the company and served as president and chief operating officer for the last year. His excellent performance in this role, along with his successful experience in running the company’s International division and prior significant leadership roles in the affiliated foods and foodservice units within Refrigerated Foods, positions the company to continue to deliver outstanding results to its shareholders. The company is in excellent hands.”

 

Ettinger noted, “It has been an honor to lead this great company alongside our dedicated employees around the world. Hormel Foods has a 125-year legacy of delivering quality and innovation, as well as meaningful value to all of our stakeholders. As Jim takes the helm, I am confident that Hormel Foods will continue its growth trajectory as he and the team build on our strong foundation of success.”

 

“It is truly an honor to be elected as the next CEO for Hormel Foods,” said Snee. “This is a remarkable company made up of thousands of inspired employees dedicated to providing inspired foods to our customers around the world. Jeff has guided us with his strategic leadership, brave innovation,

 

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unquestionable integrity, and unwavering commitment to our communities and corporate citizenship. It has been a pleasure to work directly with Jeff over the past year, and I look forward to leading the company with this legacy of excellence.  I am certain we are well positioned for future success in the years to come.”

 

Snee becomes president and chief executive officer of Hormel Foods after serving as president and chief operating officer since October 2015. In that role, he led all of the company’s business segments and global operations including Grocery Products, Refrigerated Foods, Specialty Foods, Jennie-O Turkey Store and International & Other. Snee joined Hormel Foods in 1989 in the foodservice division and served in various positions within the group before being named manager of inventory and distribution for the Refrigerated Foods segment in 1995. He was promoted to foodservice area manager and foodservice regional sales manager in 1996 and 1998, respectively. Snee was named director of purchasing in 2006 and vice president of affiliated business units in 2008. He was named vice president of Hormel Foods and senior vice president of Hormel Foods International Corporation at the end of fiscal year 2011. Snee advanced to group vice president of Hormel Foods and president of Hormel Foods International Corporation in October 2012.

 

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, is celebrating 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://2015csr.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 33-40 in the company’s Form 10-Q for the quarter ended July 24, 2016, which can be accessed at www.hormelfoods.com under “Investors-SEC Filings.”

 

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