Hormel Foods appoints Scott Aakre to board of directors

AUSTIN, Minn. - Hormel Foods Corporation (NYSE:HRL), a leading global branded food company with a market capitalization of $16.6 billion, has announced the retirement of Scott Aakre, its group vice president and chief marketing officer for Retail, after a 35-year tenure with the company. Concurrent with his retirement, Aakre has been appointed to the Hormel Foods board of directors, effective today. According to InvestingPro data, the company currently trades below its Fair Value, presenting a potential opportunity for investors seeking exposure to consumer staples.

Aakre has been with Hormel Foods since 1990, ascending through various management roles before becoming vice president of marketing for grocery products in 2005. His career progressed further as he took on the role of vice president of corporate innovation and new product development in 2011, and later senior vice president of Brand Fuel in 2022, before assuming his current position in 2023.

Jim Snee, president and CEO of Hormel Foods, expressed gratitude for Aakre’s contributions and welcomed his ongoing involvement with the company through his new role on the board. Bill Newlands, chairman of the Hormel Foods board, echoed this sentiment, highlighting Aakre’s marketing expertise and community advocacy.

In addition to his corporate achievements, Aakre has been active in the innovation sector and community service, including his work with the United Way of Mower County. His recent appointment to the board of directors of The Hormel Foundation, which beneficially owns approximately 46% of Hormel Foods’ common stock, underscores his deep ties to the company and the Austin community.

Hormel Foods, headquartered in Austin, Minnesota, boasts a portfolio of over 30 brands and generates $11.9 billion in annual revenue globally. The company maintains strong financial health with a current ratio of 2.45, indicating robust liquidity. Notable among its achievements is a 32-year streak of consecutive dividend increases, with a current dividend yield of 4%. InvestingPro analysis reveals several more key metrics and insights available to subscribers, including detailed financial health scores and comprehensive valuation metrics.

The transition of Aakre’s responsibilities will be managed internally within Hormel Foods. With his appointment, the board now comprises 12 members, a size that the company believes is optimal for effective governance. While seven analysts have recently revised their earnings expectations downward for the upcoming period, the company maintains moderate debt levels and strong cash flow metrics. For detailed analysis and more insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks including Hormel Foods.

This announcement is based on a press release statement from Hormel Foods Corporation.

In other recent news, Hormel Foods Corporation reported a mixed financial performance for the first quarter of 2025. The company’s earnings per share (EPS) came in at $0.35, missing analysts’ expectations of $0.39, although revenue slightly exceeded projections, reaching $3.0 billion. Hormel Foods also announced the reappointment of Jeffrey M. Ettinger to its Board of Directors, with Ettinger expected to bring valuable insights due to his extensive experience and leadership role at The Hormel Foundation. Additionally, Hormel Foods declared a quarterly dividend of 29 cents per share, continuing its long-standing tradition of consistent dividend payouts. The company has also seen leadership changes with the promotion of Scott Weisenbeck to vice president of marketing – Retail, and Joe O’Connor to vice president of Emerging Brands – Retail. Hormel Foods is progressing with its Transform and Modernize initiative, which is projected to deliver significant benefits by the end of 2025. In another strategic move, Kevin Myers has been appointed as interim group vice president of supply chain, following the departure of Steve Lykken. These developments reflect Hormel Foods’ ongoing efforts to strengthen its governance, management, and financial performance.

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