James P. Snee
Also at Hormel Foods Corp
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
| 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
Operators' Shares Incentive Plan
| Metric | Value | Details | Citations |
|---|---|---|---|
| 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 | Citations |
|---|---|---|---|
| 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 | Citations |
|---|---|---|---|
| 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.