Hormel Foods Corporation was ranked No. 9 on the 2014 Best Companies for Leaders list by Chief Executive magazine. This is the first time Hormel Foods has received this recognition.

Chief Executive magazine compiles the list each year to identify companies that excel in leadership development. Criteria included having a formal leadership process in place, the depth of the leadership funnel (as measured by the percentage of senior management and middle management positions filled by internal candidates), and the company's performance.

"It is an honor to be recognized on the 2014 Best Companies for Leaders list for our leadership development practices," said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer. "Our promote-from-within culture allows us to maintain our talented team of employees and achieve outstanding results."

The final top 40 ranking consists of public companies with more than $1 billion in revenue.