Hormel Foods 2014 Annual Report Download - page 4

magazine’s 2014 Top Military Friendly Employers list,
named on Trust Across America’s 2013 Top Ten Most
Trustworthy Public Companies, and named one of
the 2014 40 Best Companies for Leaders by Chief
Executive Magazine.
Our employees are involved in their communities and are
committed to making a difference where they live and
work. As a company, we support their efforts through
programs such as On Our Way to Ending Hunger, now in
its fourth year. Through this program we made cash and
product donations of over $5 million this year in 39
communities where we have manufacturing locations
and to food banks throughout the country.
We also continued our effort to improve lives interna-
tionally through nutrition and educational programming
for children and families in Guatemala. Since the
inception of Project Spammy in 2010, we have contributed
over 8.5 million cans of Spammy®, a shelf-stable
poultry product that is fortified with vitamins and
minerals. Many of our employees have made the trip
to Guatemala to help with the project work.
Board member changes Susan I. Marvin, President of
Marvin Windows and Doors, chose not to stand for
re-election to the Hormel Foods Board of Directors in
January. Marvin served as an excellent Director from
July 2002 to January 2014. We appreciate the valuable
input and contributions Susan made to the growth and
success of Hormel Foods.
In July, the company announced the election of three
new members to the Hormel Foods Board of Directors.
Gary C. Bhojwani, 46, is the Chairman of Allianz Life
Insurance Company of North America and will be
departing that position effective January 1, 2015. Sally
J. Smith, 56, is the President and Chief Executive
Officer of Buffalo Wild Wings, Inc. Steven A. White, 53,
serves as the President of Comcast West Division.
Senior management changes In January, William F.
Snyder, Senior Vice President, Supply Chain, announced
his retirement after providing many years of leadership
in the operations and supply chain areas. Bryan D.
Farnsworth advanced to Senior Vice President, Supply
Chain, and Richard A. Carlson progressed to Vice
President, Quality Management.
David P. Juhlke, Vice President, Human Resources,
also announced his retirement in January, after years
of supporting the company’s expansion through
employee growth and development. As a result,
Lawrence C. Lyons was promoted to Vice President,
Human Resources.
In May, Michael L. Devine retired from the position of
Vice President, Grocery Products Operations, after a
long career of strong leadership in operations. Donald
J. Temperley advanced to Vice President, Grocery
Products Operations.
In September, the company announced the advance-
ment of Mark D. Vaupel, Director of Information
Technology Services, to the new role of Vice President
of Information Technology Services, placing a higher
focus on the efforts to support the company’s strate-
gies and growth goals with technology.
Outlook In fiscal 2015, we expect to exceed our stated
goals of 5% sales growth and 10% earnings growth. We
anticipate pork and turkey commodity prices and pork
operating margins to normalize as the year progresses,
with grain markets remaining beneficial, allowing our
businesses to focus on increasing their value-added
portfolios and capitalizing on our solid brand leader-
ship in over 30 retail categories. Our strong balance
sheet positions us to drive strategic growth through
both acquisitions and internal investments. We will
support the expansion of our China business by
constructing a new refrigerated meats manufacturing
facility, planned to be operational by late 2016.
The dedication and perseverance of our employees
help us maintain our leadership in so many critical
areas, and I would like to acknowledge, with gratitude,
their important contributions to the success of this
organization. This team will continue to grow our
business by focusing on delivering foods for the way we
live: wholesome, nutritious, and innovative products
that meet the needs of today’s busy and discerning
consumers around the globe.
Jeffrey M. Ettinger
Chairman of the Board, President
and Chief Executive Officer
2 foods for the way we live