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)
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