Hormel Foods announces Mike Clausman as new Vice President

USA – Hormel Foods Corp. has confirmed the promotion of Mike Clausman to the position of vice president, deputy general counsel, and assistant secretary. 

Clausman will now manage the legal aspects of the company’s brand development, commercial transactions, mergers, acquisitions, and intellectual property.

In his new role, Clausman will report directly to Colleen Batcheler, senior vice president of external affairs and general counsel at Hormel. 

Batcheler expressed confidence in Clausman’s leadership, stating that his business-oriented mindset and deep understanding of the company’s culture position him well to drive Hormel’s legal strategies forward.

Clausman has been with Hormel Foods since 2011, following nearly ten years practicing law at a Minneapolis-based firm. 

He initially served as a corporate attorney before advancing to senior counsel in 2013. 

Most recently, he held the role of assistant general counsel, transactions, which he assumed in 2021.

Clausman holds a JD from the University of Minnesota Law School and a bachelor’s degree in finance and communications from the University of Northern Iowa.

This announcement comes amid a challenging financial period for Hormel Foods. 

The company recently adjusted its sales and profit forecasts for the year, predicting results that fall short of analysts’ expectations. 

Hormel cited decreased demand for both snacks and meat products, including its Jennie-O Turkey brand, as a major factor contributing to the decline.

As a result, Hormel’s stock saw a nearly 4% dip in premarket trading. 

For the fourth quarter, the company reported a 2% drop in sales, bringing in US$3.14 billion, while adjusted earnings per share (EPS) stood at US$0.42. 

Sales for Jennie-O Turkey, which contributed around 12% of the company’s revenue in 2022, also saw a decline due to higher turkey prices, leading consumers to opt for cheaper alternatives like chicken and pork.

Hormel’s 2025 revenue projections range between US$11.9 billion and US$12.2 billion, below analysts’ forecast of US$12.23 billion, with adjusted EPS expected to be between US$1.58 and US$1.72.

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