Jim Snee, the chairman, president and CEO of Hormel Foods, is to step down from the helm of the US manufacturer by the end of the company's financial year.

Snee, who has worked for Hormel for more than three decades, has led the Spam maker for eight years.

In a statement today (14 January), Hormel said it had formed a search committee and would consider internal and external candidates.

When Hormel appoints a new CEO, Snee will become a strategic advisor to the company's board through the end of fiscal year 2025 – which is scheduled to end in later October – and for 18 months after that.

Snee said: "As CEO of Hormel Foods for the last eight years, I have been blessed to work alongside the most talented and committed team in the industry. I am proud of the impactful, innovative and transformational work we have accomplished during my tenure, which has been a period of rapid and significant change.”

“As we begin this transition, I'm confident in the bright future that lies ahead for Hormel Foods.”

The company, which also owns brands including Skippy peanut butter, said its outlook for its 2025 fiscal year remains unchanged.

Bill Newlands, the board's independent lead director said: “On behalf of the entire board of directors, we extend our gratitude to Jim for his dedication to Hormel Foods, its stockholders, its employees and its communities. We congratulate him on an impactful career and look forward to working with him in the months ahead to execute an effective transition and deliver on our business imperatives.”

In Hormel's 2024 financial year, the company’s net sales dropped 1.6% to $11.9bn.

Net earnings increased 1.4% to $805m.

In September, Hormel cut its forecast for annual net sales due to lower commodity prices and “production disruptions” at a facility in Virginia.

In October, the company sold its Health Labs business to Paine Schwartz Partners-owned Lyons Magnus for an undisclosed sum.

Among the other major corporate moves under Snee's watch was the $3.3bn takeover of Kraft Heinz‘s Planters snack-nut business in 2022.

In 2021, The Better Meat Co. joined forces with Hormel Foods to bring new mycoprotein- and plant-based protein products to the marketplace.

A year earlier, Hormel acquired local meat business Sadler’s Smokehouse for US$270m.

In 2019, it made its first move into plant-based with the acquisition of meat-alternative brand Happy Little Plants.