(Reuters) – Hormel Foods said on Tuesday its CEO, James Snee, is about to retire at the tip of 2025, after leading the corporate for nearly nine years.

The Skippy peanut butter maker said Snee will function a strategic advisor to the board until the tip of his tenure and for 18 months afterward, while it identifies a successor.

Snee, who can also be the corporate’s president and the chairman of the board, has been with Hormel since 1989.

He led its international division in 2011, overseeing the corporate’s growing global portfolio.

Snee’s retirement comes at a time when Hormel is battling slowing demand for its products and lower turkey prices.

The corporate in December had forecast fiscal 12 months 2025 sales and profit below estimates.

(Reporting by Neil J Kanatt in Bengaluru; Editing by Shreya Biswas)