Hormel Foods announces executive retirements as pork, ready meats remain core focus
The changes come as Hormel navigates margin pressure despite stable revenue growth
USA – Hormel Foods has confirmed that two long-serving executives will retire in the coming months, marking a leadership shift as the company continues to prioritise its fresh pork and ready-to-eat meat operations.
The departures involve Mark Morey, currently vice president of operations for fresh pork, and Paul Peil, vice president of marketing for fresh and ready meats, both of whom have spent more than three decades with the company.
Morey’s career at Hormel has spanned more than 30 years, during which he held multiple operational leadership roles and most recently oversaw the company’s fresh pork business, an area that has faced both pricing volatility and shifting customer demand.
Interim chief executive officer Jeff Ettinger said Morey’s tenure was defined by a strong emphasis on customers, disciplined operations and incremental process improvements within the fresh pork segment.
Peil, who joined Hormel 36 years ago, has been responsible for marketing strategy across fresh and ready meats and has led brand positioning efforts during periods of portfolio expansion and category competition.
Ettinger said Peil played a central role in shaping commercial teams and strengthening brand performance across Hormel’s meat offerings.
The retirements come at a time when Hormel is adjusting to financial headwinds following a fiscal year marked by higher costs and weaker profitability despite steady sales.
In the fourth quarter ended Oct. 25, the company reported a net loss of US$56.1 million, compared with a profit of US$220 million a year earlier, while diluted earnings shifted to a loss of 10 cents per share from earnings of 40 cents per share.
Quarterly revenue rose to US$3.2 billion from US$3.1 billion, although shipment volumes edged down to 1.088 billion pounds from 1.108 billion pounds in the same period last year.
For the full fiscal year, Hormel posted sales of US$12.1 billion, up from US$11.92 billion in 2024, but operating income declined to US$719 million from US$1.06 billion.
Annual net profit fell to US$663 million, or 87 cents per share, compared with US$805 million, or US$1.47 per share, in the prior year.
Retail sales reached US$7.45 billion, foodservice revenue totalled US$3.94 billion, and international sales increased slightly to US$709 million, while Hormel said it aims to improve earnings in 2026 through product mix changes and tighter cost controls.
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