“We are so incredibly proud to continue the tradition of sharing our profits with our team members who help make us the uncommon company we are today,” said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. “For 84 years, we have maintained our legacy of giving back to our team members and our communities, and making a difference in the places we work and the lives of those who work for us. Our time-honored tradition reflects the dedication and hard work of our team every day to put food on tables across the globe.”
The grant amount varies each year depending on the company’s performance and number of eligible employees. In the last 10 years, it has ranged from $14 million to $17 million annually. The profit sharing program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the Hormel Foods Board of Directors. Distributions from the plan have become an annual Thanksgiving eve tradition at the company.