AUSTIN, MINN. — Hormel Foods Corp. has announced leadership changes contingent on the official closing of its acquisition of Applegate Farms, LLC, a Bridgewater, N.J.-based maker of organic processed meat and poultry products.
|Steven J. Lykken, new c.o.o. of Applegate.|
Steven J. Lykken, senior vice-president of commodity and supply chain of Hormel’s Jennie-O Turkey Store unit, has been named chief operating officer of Applegate, effective Aug. 3, 2015. Mr. Lykken began his career in 1992 in Hormel’s Grocery Products division as a sales representative and has held a number of sales roles at the company, including Grocery Products brand category development manager for ethnic foods at the corporate office, product manager in Grocery Products, senior product manager in Grocery Products and senior vice-president of the retail division at Jennie-O Turkey Store. He assumed his current position in 2011.
|Eldon O. Quam, new c.f.o. of Applegate.|
Eldon O. Quam, director and business unit controller of Hormel Foods International Corp., has been named chief financial officer of Applegate, effective with the close of the transaction. Mr. Quam joined Hormel in 1998 as a staff accountant the Austin, Minn., plant office and has held several accounting positons within the company, including manager of expense analysis and control, controller of Hormel Health Labs, controller and treasurer of Hormel Foods International Corp., and manager of cost accounting. He assumed his current role in 2013.
“Congratulations to Steven and Eldon on their advancements,” said Thomas R. Day, group vice-president of Refrigerated Foods at Hormel Foods. “We look forward to their continued leadership as we begin to enter the natural and specialty retail segment. Applegate’s strategic fit will serve as a growth catalyst and help us to deliver our key results for the Refrigerated Foods group.”
|Jennifer M. Ehresmann, new senior vice-president of commodity and supply chain for Jennie-O.|
Jennifer M. Ehresmann, director of marketing for retail and deli at Jennie-O Turkey Store, will succeed Mr. Lykken as senior vice-president of commodity and supply chain. Ms. Ehresmann joined the company in 2001 as commodity sales manager at Jennie-O Turkey Store and has held her current role since 2010.
“Jennifer has a proven track record of success in her time with Jennie-O Turkey Store,” said Glenn R. Leitch, group vice-president and president of Jennie-O Turkey Store. “We congratulate her on this advancement and look forward to her leadership.”In May, Hormel announced plans to acquire Applegate for $775 million. Applegate will operate as a standalone subsidiary of Hormel Foods and its financial results will be folded into Hormel’s Refrigerated Foods business unit. Applegate has 100 employees located primarily in Bridgewater. Hormel said the transaction is projected to be neutral to the company’s earnings per share in fiscal 2015 and accretive by approximately 7c to 8c per share in fiscal 2016.