James P. Snee

Chairman of the Board, President, and CEO at Hormel Foods Corp

Board

Since November 20, 2017

Age

57 years

Tenure

Joined Hormel Foods in 1989 and advanced through a series of leadership roles including Vice President, Senior Vice President, Group Vice President, President, Chief Operating Officer, and CEO before assuming the current role as Chairman of the Board, President, and CEO in November 2017.

Also at Hormel Foods Corp

CRB

Colleen R. Batcheler

Senior Vice President, External Affairs, and General Counsel

JCS

Jacinth C. Smiley

Executive Vice President and CFO

JFG

John F. Ghingo

Executive Vice President, Retail

About

James P. Snee has built a distinguished 36-year career at Hormel Foods, beginning in 1989. Over the decades, he progressed through numerous roles, developing deep expertise in areas such as sales, marketing, supply chain, and international business, which laid the foundation for his leadership.

Throughout his career, he assumed increasing responsibility by serving in positions such as Vice President, Senior Vice President, and Group Vice President. His tenure later saw him as President and Chief Operating Officer, followed by a transition into the role of President and CEO in October 2016 until his appointment as Chairman of the Board, President, and CEO on November 20, 2017.

Under his stewardship, the company has expanded its portfolio and executed key strategic initiatives like the Transform & Modernize for Growth program, as well as significant acquisitions that bolstered the brand. His leadership has also been marked by a commitment to operational excellence and dividend growth, underscored by the recent announcement of his planned retirement at the end of fiscal 2025, after which he will continue serving as a strategic advisor.

$HRL Performance Under James P. Snee

Past Roles

Organization	Role	Date Range	Details
Hormel Foods Corporation (HRL)	President and Chief Executive Officer	Oct 2016 – Nov 2017	Held prior to current role; promoted within HRL
Hormel Foods Corporation (HRL)	President and Chief Operating Officer	Oct 2015 – Oct 2016	Preceded CEO role
Hormel Foods Corporation (HRL)	Group Vice President and President, Hormel Foods International Corporation	2012 – 2015	Advanced leadership role in international operations
Hormel Foods Corporation (HRL)	Vice President and Senior Vice President, Hormel Foods International Corporation	2011 – 2012	Progressive role in international business
Hormel Foods Corporation (HRL)	Vice President, Affiliated Business Units	2008 – 2011	Early leadership role within HRL

External Roles

Organization	Role	Date Range [N/A]	Details
Republic Services, Inc.	Board of Directors	N/A	Active board membership
Consumer Brands Association	Board of Directors	N/A	Active board membership
North American Meat Institute	Board of Directors	N/A	Active board membership
The Hormel Foundation	Board of Directors	N/A	Active board membership

Fixed Compensation

Data from FY 2024

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$1,050,000	Annual	Annualized rate as of March 4, 2024
Company Contributions to the JEPST	$24,150	Annual	N/A
Company Matching Contributions under the 401(k) Plan	$13,800	Annual	N/A
Company Contributions to the NQDCP for 401(k) Plan Match Amounts	$82,989	Annual	Contributions for amounts exceeding IRS limitations
Aggregate Incremental Cost of a Vehicle Provided for Business and Personal Use	$12,190	Annual	N/A
Aggregate Incremental Cost of Use of Company-Owned Condominium in Vail, Colorado	$6,921	Annual	N/A
Costs of Physical Medical Examinations (Paid for by the Company)	Included (N/A)	As Incurred	Specific cost not disclosed for Mr. Snee
Value of Premiums Paid by the Company for Life Insurance	$86	Annual	N/A

Performance Compensation

Data from FY 2024

Operators' Shares Incentive Plan

Metric	Value	Details
Performance Metric	EPS	Target EPS: $1.56; Actual EPS: $1.47 (94% of target)
Number of Shares	200,000	Phantom units awarded
Target Value	$312,000	200,000 shares × $1.56
Actual Payout	$294,000	200,000 shares × $1.47 (reflecting 94% achievement)
Grant Date	January 30, 2024
Vesting	N/A	Phantom awards vest based on EPS performance

Annual Incentive Plan (AIP)

Metric	Target/Weight	Actual Result
Total Company EBIT	Target: $1.162B (80% weighting)	$1.093B (94% achieved)
Total Company Net Sales	Target: $12.428B (10% weighting)	$11.921B (96% achieved)
Employee Engagement - Belonging	Target: 72	72
Employee Engagement - Inclusion	Target: 78	76
Employee Engagement - Appreciating Diff.	Target: 78	76
Target AIP Award	$1,850,000	$1,548,450 (84% of target)
Payment Schedule	Annual, post fiscal year-end	N/A
Grant Date	January 30, 2024	N/A

Cash-Based Long-Term Incentive Plan (LTIP)

Metric	Weight	Target/Details
Relative Total Shareholder Return (TSR)	50%	Threshold: funded only if above 25th percentile; Target: at 50th percentile; Maximum: 3× target payout
Return on Invested Capital (ROIC)	25%	Target at 10%
Organic Net Sales Growth	25%	Performance metric
LTIP Award Target Value	N/A	$4,471,100
LTIP Maximum Potential Payout	N/A	$13,413,300
Grant Date and Performance Period	N/A	Grant Date: January 30, 2024; Performance period: June 2023 – October 2026
Vesting	N/A	Based on a 3-year performance period

Stock Options and Restricted Stock Units (RSUs)

Stock Options:
- Grant Date: February 1, 2024
- Grant Date Fair Value: $2,000,187
- Exercise Price: $30.86 per share
- Vesting: 25% per year starting on February 1, 2025; 10-year term
- Note: These are time-based awards without performance conditions.
Restricted Stock Units (RSUs):
- Grant Date: February 1, 2024
- Grant Date Fair Value: $2,000,006
- Vesting: Full vesting on February 1, 2027
- Note: RSUs are time-based and do not have specific performance metrics.

Overall, the performance compensation for 2024 is structured across multiple components: Operators' Shares, AIP, and LTIP, each with clearly defined metrics, targets, and payout structures. Stock Options and RSUs complement these plans as time-based awards.