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As James Snee prepares to become CEO of Hormel Foods, he is confident that the company can overcome whatever hardship it might face.
Snee, presently the president and chief operating officer of Hormel, has been chosen to succeed retiring CEO Jeffrey Ettinger at the end of October.
The diversified company with a strong presence in the turkey and pork industries has already shown it can succeed, having recently completed its 13th consecutive record quarter.
“Just since 2006 our team has navigated such events as a significant recession, high grain markets, PEDv (porcine epidemic diarrhea virus) and last year’s avian influenza outbreak,” Snee said on September 7 during the Barclays Global Consumer Staples Conference. “During each of those events, our management team found a way to deliver results, and the balance of across our businesses allowed us to offset the impact of those volatile market conditions, and we’re confident that we’re very well positioned to navigate any future volatility.”
Just for a little additional perspective, Hormel subsidiary Jennie-O Turkey Store has since brought its production levels to more normalized levels after losing flocks to avian influenza, and during the quarter ending July 24, Jennie-O’s operating profit increased 59 percent while its sales increased 20 percent.
While Snee acknowledges Hormel Foods is today largely a domestic company, he does expect its international presence to grow.
“We believe that our international segments will continue to grow organically, through our continued expansion in China, as well as the growth of our iconic brands like Spam and Skippy, and we will continue to seek opportunities to expand our global footprint through acquisitions,” Snee said.
“We are focused on increasing our presence in the strategic growth areas of becoming more global, becoming more multicultural, identifying companies and brands that are more healthy and holistic, and expanding our presence in the on-the-go space.”