Hormel Foods (HRL) AGM 2025 summary

Opening remarks and agenda

• The meeting was called to order with confirmation of quorum and attendance by board members, leadership, and auditors.

• Legal disclosures were noted, and the agenda and rules of conduct were posted online.

Board and executive committee updates

• Multiple executive retirements and promotions occurred, including new appointments in retail sales, supply chain, legislative affairs, and communications.

• Two new executives joined in 2024, and several board changes were noted, including the addition of Deb Schoneman and the retirement of Prama Bhatt.

Financial performance review

• Fiscal 2024 net sales reached $11.9 billion, driven by brand investment, market expansion, and innovation.

• Record cash flow from operations of $1.3 billion enabled $615 million in dividends.

• Food service net sales grew 6%, and international business saw a solid recovery, especially in China, the Philippines, and Indonesia.

• Employee safety results were the strongest in company history.