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Hormel Foods Annual Profit Sharing Continues; Jim Snee Comments

Hormel Foods Annual Profit Sharing Continues; Jim Snee Comments


AUSTIN, MN
Wednesday, December 1st, 2021

Global branded food company Hormel Foods Corporation is continuing an 83-year-old tradition this year. Recently, the protein company announced it distributed its annual profit sharing to eligible hourly and salaried team members during this 83rd consecutive grant.

Jim Snee, Chairman of the Board, President, and Chief Executive Officer, Hormel Foods“There are many things that make Hormel Foods uncommon, including our portfolio of global food brands and the incredible people who make them," said Jim Snee, Chairman of the Board, President, and Chief Executive Officer at Hormel Foods. "Equally uncommon is our legacy of giving back to our team members and our communities, including our annual tradition of sharing profits with our inspired team.”

The grant amount varies each year depending on the company's performance and the number of eligible employees. In the last 10 years, the grant amount has ranged from $14 million to $17 million annually.

“This time-honored tradition—an 83-year-old practice—rewards the dedication and hard work of our team every day to put food on tables across the globe, which has been especially challenging during the pandemic,” commented Snee. “They have my sincere gratitude, and I am honored to be on their team.”

Hormel Foods Corporation announced it distributed its annual profit sharing to eligible hourly and salaried team members during its 83rd consecutive grant

According to the release, the profit-sharing program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company’s Board of Directors. Distributions from the plan have become an annual Thanksgiving Eve tradition at the company.

A hearty round of gratitude to Hormel’s team for upholding an amazing tradition. Stay tuned as Deli Market News continues to report all news and updates in our industry.

Hormel Foods
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