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Hormel Foods Announces Leadership Change in Supply Chain

1. Steve Lykken, VP of supply chain, is leaving Hormel Foods. 2. Kevin Myers, a long-time employee, becomes interim VP of supply chain. 3. Myers aims to modernize and transform Hormel's supply chain operations. 4. Hormel has a diverse portfolio with ~$12 billion in annual revenue.

Leadership Change
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FAQ

Why Bullish?

The appointment of an experienced interim VP like Myers is likely to stabilize operations. Historically, leadership consistency during transitions maintains investor confidence, as seen in similar situations with food brands.

How important is it?

Leadership changes can significantly impact operational efficiency and investor sentiment. Myers' existing knowledge and experience add stability at a critical time.

Why Short Term?

The immediate focus is on supply chain transformation, expected to yield results shortly. However, long-term impacts depend on the new CEO's strategic direction.

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, /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, announced today that Steve Lykken, group vice president of supply chain, will be leaving the company to pursue another opportunity. Kevin Myers, PhD, has been appointed interim group vice president of supply chain. Steve Lykken Kevin Myers Myers joined Hormel Foods in 2001 as a research scientist and has since taken on roles of increasing responsibility. In 2015, he was appointed senior vice president of research & development and quality control, overseeing product development, packaging, food safety sciences and lab services. Before joining the company, Myers spent a decade in the food industry, holding leadership positions in food technology, research science and new product development. "I am grateful for Steve's contributions, dedication and leadership over the past 32 years and wish him all the best in his new chapter," said Jim Snee, president and chief executive officer, Hormel Foods. "We are fortunate to have Kevin, a highly respected and proven leader with deep expertise, stepping into the role of interim group vice president of supply chain. With Kevin at the helm, we remain focused on transforming and modernizing our supply chain, delivering for our customers and driving operational excellence." Under the interim structure, Myers will oversee all aspects of the company's supply chain organization including procurement, manufacturing, engineering, logistics, research and development, quality management and plant operations. A permanent replacement for Lykken will be decided by the company's future chief executive officer, once appointed.Myers holds a Bachelor of Science, master's degree and doctorate from Iowa State University.About Hormel Foods – Inspired People. Inspired Food.™Hormel Foods Corporation, based in Austin, Minnesota, is a global branded food company with approximately $12 billion in annual revenue across more than 80 countries worldwide. Its brands include PLANTERS®, SKIPPY®, SPAM®, HORMEL® NATURAL CHOICE®, APPLEGATE®, JUSTIN'S®, WHOLLY®, HORMEL® BLACK LABEL®, COLUMBUS®, JENNIE-O® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of the best companies to work for by U.S. News & World Report, one of America's most responsible companies by Newsweek, recognized by TIME magazine as one of the World's Best Companies and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit hormelfoods.com.SOURCE Hormel Foods Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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