Hormel Foods Corporation (HRL) Announces CEO James P. Snee's Retirement - Stockxpo - Grow more with Investors, Traders, Analyst and Research

Hormel Foods Corporation (HRL) Announces CEO James P. Snee’s Retirement

Hormel Foods Corporation (HRL, Financial) has announced that James P. Snee, the company’s Chairman, President, and Chief Executive Officer, will retire at the end of the fiscal year 2025, concluding on October 26, 2025. Mr. Snee will continue to serve in his current roles until either his departure or the appointment of his successor. Following his retirement, Mr. Snee will remain with the company in a consulting capacity for 18 months to ensure a smooth transition.

The company has outlined a comprehensive transition plan. If a successor is appointed before October 26, 2025, Mr. Snee will transition to a non-executive role as a special advisor to the Board until his official retirement date. Post-retirement, he will begin his consulting role on October 27, 2025.

During the transition period, Mr. Snee will maintain his current base salary and receive a grant of 200,000 Operators’ Shares under the Operators’ Share Plan for fiscal year 2025. He will also continue to participate in the company’s Annual Incentive Plan and Long Term Incentive Plan, with target values consistent with previous years. Additionally, he will be eligible for equity awards, including non-qualified stock options and restricted stock units, mirroring the terms of his fiscal year 2024 awards.

Upon his retirement, Mr. Snee will receive a lump-sum payment for unused vacation days, the title to his company-provided vehicle, and a $50,000 payment for legal fees related to the arrangement. His retirement will be recognized under the company’s benefit plans, allowing him to retain certain benefits and awards.

In his consulting role, Mr. Snee will receive monthly fees totaling $2.0 million over 18 months. He will also participate in the company’s Annual Incentive Plan for fiscal years 2026 and 2027, with target awards prorated based on his service duration. Furthermore, he will be eligible for an equity award for fiscal year 2026, consisting of options and restricted stock units valued at $1.5 million each.

The company and Mr. Snee have entered into a Retirement and Transition Agreement to formalize these terms, with a Consulting Agreement expected to be finalized before his employment ends.

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