(Reuters) - Hormel Foods ( HRL ) said on Tuesday its CEO, James Snee, is set to retire at the end of 2025, after leading the company for nearly nine years.

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

Snee, who is also the company's president and the chairman of the board, has been with Hormel since 1989.

He led its international division in 2011, overseeing the company'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 company in December had forecast fiscal year 2025 sales and profit below estimates.