Item 3. Legal Proceedings
Item 3. LEGAL PROCEEDINGS
On August 15, 2023, the Company received an unexpected, unfavorable arbitration ruling involving an isolated commercial dispute with a third party. Pursuant to the ruling, the arbitrator awarded $59.6 million in damages, plus prejudgment interest of $5.3 million and attorneys’ fees, to the counterparty payable by the Company. The pre-tax impact of the adverse arbitration ruling of $68.3 million is reflected in Selling, General, and Administrative expenses in the Consolidated Statements of Operations for fiscal 2023. The arbitration award amount was paid in full by the Company in the fourth quarter of fiscal 2023. The adverse arbitration ruling is not subject to further appeal or judicial review. Standard confidentiality provisions in the arbitration rules prohibit the Company from commenting on the substance of the ruling.
Information regarding other legal proceedings is available in Note J - Commitments and Contingencies of the Notes to the Consolidated Financial Statements.
Item 4. MINE SAFETY DISCLOSURES
Not applicable.
Information About Executive Officers
CURRENT OFFICE AND PREVIOUS
NAME AGE FIVE YEARS EXPERIENCE DATES
James P. Snee 56 Chairman of the Board, President and Chief Executive Officer 11/20/17 to Present
Jacinth C. Smiley 55 Executive Vice President and Chief Financial Officer 01/01/22 to Present
Group Vice President (Corporate Strategy) 04/05/21 to 12/31/21
Vice President and Chief Accounting Officer, LyondellBasell 04/01/18 to 04/04/21
Deanna T. Brady 58 Executive Vice President (Retail) 10/31/22 to Present
Executive Vice President (Refrigerated Foods) 10/28/19 to 10/30/22
Group Vice President/President Consumer Product Sales 10/26/15 to 10/27/19
Mark A. Coffey 61 Group Vice President (Supply Chain) 04/26/21 to Present
Senior Vice President (Supply Chain and Manufacturing) 03/28/17 to 04/25/21
Swen Neufeldt 50 Group Vice President (Hormel Foods International Corporation) 06/29/20 to Present
Vice President (Meat Products) 10/31/16 to 06/28/20
Mark J. Ourada 58 Group Vice President (Foodservice) 03/05/18 to Present
Katherine M. Losness-Larson 58 Senior Vice President (Human Resources) 10/31/22 to Present
Director of Human Resources 10/29/18 to 10/30/22
Pierre M. Lilly 52 Senior Vice President and Chief Compliance Officer 10/26/20 to Present
Director of Internal Audit 05/30/16 to 10/25/20
Kevin L. Myers, Ph.D. 58 Senior Vice President (Research and Development, Quality Control) 03/30/15 to Present
Paul R. Kuehneman 52 Vice President and Controller 02/18/22 to Present
Assistant Controller 01/04/21 to 02/17/22
Vice President and CFO (Jennie-O Turkey Store) 05/30/16 to 01/03/21
No family relationship exists among the executive officers.
Executive officers are designated annually by the Board of Directors at the first meeting following the Annual Meeting of Stockholders. Vacancies may be filled and additional officers elected at any time. The Company's Chief Executive Officer has the authority to appoint and remove Vice Presidents (other than Executive Vice Presidents, Group Vice Presidents, and Senior Vice Presidents).
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Table of Contents
PART II