AUSTIN, Minn. - Hormel Foods Corporation (NYSE: HRL), a global branded food company with a market capitalization of $16.5 billion, announced today that Steve Lykken, the current group vice president of supply chain, is departing the company to pursue other opportunities. Kevin Myers, PhD, who has been with Hormel Foods since 2001, will take over as interim group vice president of supply chain. According to InvestingPro data, the company maintains a GOOD financial health score, with liquid assets exceeding short-term obligations.
Myers has a long history with Hormel, beginning as a research scientist and advancing to senior vice president of research & development and quality control in 2015. His responsibilities have included overseeing product development, packaging, food safety sciences, and lab services. Prior to joining Hormel, Myers accumulated a decade of experience in the food industry, holding various leadership roles.
Jim Snee, president and CEO of Hormel Foods, expressed gratitude for Lykken's 32 years of service and welcomed Myers to his new interim role. Snee highlighted Myers' proven leadership and deep expertise, which he believes will contribute to Hormel's focus on supply chain transformation and operational excellence.
In his interim position, Myers will manage procurement, manufacturing, engineering, logistics, research and development, quality management, and plant operations. The company will appoint a permanent group vice president of supply chain in due course, to be decided by the forthcoming chief executive officer.
Hormel Foods, headquartered in Austin, Minnesota, operates globally and generates $11.9 billion in annual revenue. It owns over 30 brands, including PLANTERS, SKIPPY, and SPAM. The company has maintained dividend payments for 55 consecutive years and raised dividends for 32 straight years, demonstrating strong financial stability. InvestingPro analysis reveals 8 additional key insights about the company's performance and prospects, available to subscribers. The company is known for its corporate responsibility efforts and has been recognized as one of the best companies to work for and one of America's most responsible companies.
This leadership transition is part of Hormel Foods' ongoing commitment to maintaining strong governance and management across its operations. Based on InvestingPro's Fair Value analysis, the stock currently appears undervalued, though seven analysts have recently revised their earnings expectations downward for the upcoming period. The information regarding this change is based on a press release statement from Hormel Foods. For comprehensive analysis including Fair Value calculations and detailed financial metrics, investors can access the full Pro Research Report, available for over 1,400 US stocks on InvestingPro.
In other recent news, Hormel Foods Corporation reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $0.35, which fell short of analysts' expectations of $0.39, although the company slightly exceeded revenue forecasts with $3.0 billion. Hormel Foods also declared a quarterly dividend of 29 cents per share, marking the 387th consecutive quarterly dividend, reflecting its continued commitment to shareholders. Additionally, Jeffrey M. Ettinger has rejoined Hormel Foods' Board of Directors, a move seen as strategic given his previous leadership roles within the company and his current position as chairman of The Hormel Foundation. Hormel Foods announced the promotion of Scott Weisenbeck and Joe O'Connor to vice president roles within its Retail business segment, signaling continued focus on strengthening its brand portfolio. The company is progressing with its Transform and Modernize initiative, which aims to deliver $100-150 million in benefits by the end of 2025. Despite the EPS miss, Hormel Foods continues to maintain a strong position in value-added products and anticipates easing turkey supply chain challenges in the latter half of the year. Analyst firms have not issued any recent upgrades or downgrades for Hormel Foods, but the company's ongoing initiatives and leadership changes are closely watched by the investment community.
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