Hormel Foods announces retirement, new dividend
AUSTIN — Hormel Foods announced a new dividend and an executive change because of a retirement this week.
Austin-based Hormel reported on Monday that the company will pay a 17 cents a share dividend on Nov. 15. It will be paid for shares owned as of Oct. 21.
This will be the fourth consecutive 17 cent dividend the company has paid out since February. The quarterly dividends in 2012 were 15 cents, and 12 cents in 2011.
Hormel consistently has paid quarterly dividends since it became a public company in 1928. This is the 314st consecutive dividend.
Hormel announced on Tuesday that Dr. Phillip L. Minerich, vice president of research and development, will retire on Dec. 31.
"We have been so fortunate to have Phil as a member of our team for more than 37 years, and as vice president of research and development for the past eight years," stated Jeffrey M. Ettinger, chairman of the board, president and chief executive officer at Hormel Foods, in the announcement. "He has significantly advanced our food science capabilities and inspired a major leap forward in new product innovation."
To replace Minerich, Dr. Kevin L. Myers will be promoted to fill his position. Myers currently is the director of product and process development, research and development.