Hormel Foods Announces New Strategic Operating Model
Hormel Foods Corporation announced a new strategic operating model, aligning its businesses to be more agile, consumer and customer focused, and market driven. Effective Oct. 31, the beginning of fiscal 2023, the company is transitioning to three operating segments – Retail, Foodservice and International. The One Supply Chain team will continue to oversee the company's global supply chain.
"Hormel Foods is a distinctly different company than it was a decade ago, with a food forward, growth-oriented portfolio of leading brands and products that are aligned with our customer and consumer needs," said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. "Our new operating model is a culmination of our recent strategic actions, which included numerous portfolio-building acquisitions, including the Planterssnacking business, the creation of One Supply Chain, the modernization of our technology and ecommerce capabilities, and most recently, our transformational efforts at Jennie-O Turkey Store. This new alignment will empower our 20,000 global team members, with a more refined organizational structure that is accountable, nimble and focused on creating the Hormel Foods of the future."
The company's largest operating segment – Retail – will include its most iconic brands, the recently acquired Planters and Corn Nuts, in addition toSPAM, SKIPPY,Columbus, Applegate,Hormel Natural Choice, Jennie-O, Hormel Black Label, Herdez, WHOLLY and Justin's. The new Retail segment will be led by Deanna Brady, who will be executive vice president of Retail.