NEW YORK (TheStreet) -- Shares of Hormel Foods (HRL - Get Report) were increasing in pre-market trading on Wednesday as the company said late yesterday that COO James Snee has been named its new CEO.

Snee will succeed Jeff Ettinger who will retire on October 30. Ettinger will continue to be the company's chairman.

"Jeff has expertly piloted the company to significant growth and success during his tenure, leading a talented management team in the delivery of strong and consistent returns to Hormel Foods shareholders," John Morrison, the board's lead director, said in a statement.

Under Ettinger, the company added brands including Skippy peanut butter, Muscle Milk and Applegate.

Hormel Foods is an Austin, MN-based manufacturer of consumer-branded food and meat products.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.

The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, revenue growth, notable return on equity and largely solid financial position with reasonable debt levels by most measures.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: HRL