David P. Juhlke, Vice President, Human Resources,  also announced his retirement in January, after years  of supporting the company’s expansion through  employee growth and development. As a result,  Lawrence C. Lyons was promoted to Vice President,  Human Resources. magazine’s 2014 Top Military Friendly Employers list,  named on Trust Across America’s 2013 Top Ten Most  Trustworthy Public Companies, and named one of the 2014 40 Best Companies for Leaders by Chief  Executive Magazine.  In May, Michael L. Devine retired from the position of  Vice President, Grocery Products Operations, after a  long career of strong leadership in operations. Donald  J. Temperley advanced to Vice President, Grocery  Products Operations. Our employees are involved in their communities and are  committed to making a difference where they live and  work. As a company, we support their efforts through  programs such as On Our Way to Ending Hunger, now in  its fourth year. Through this program we made cash and  product donations of over $5 million this year in 39  communities where we have manufacturing locations  and to food banks throughout the country. In September, the company announced the advance- ment of Mark D. Vaupel, Director of Information  Technology Services, to the new role of Vice President  of Information Technology Services, placing a higher  focus on the efforts to support the company’s strate- gies and growth goals with technology. We also continued our effort to improve lives interna- tionally through nutrition and educational programming  for children and families in Guatemala. Since the  inception of Project Spammy in 2010, we have contributed  over 8.5 million cans of  Spammy ® , a shelf-stable  poultry product that is fortified with vitamins and  minerals. Many of our employees have made the trip to Guatemala to help with the project work. Outlook In fiscal 2015, we expect to exceed our stated  goals of 5% sales growth and 10% earnings growth. We  anticipate pork and turkey commodity prices and pork  operating margins to normalize as the year progresses,  with grain markets remaining beneficial, allowing our  businesses to focus on increasing their value-added  portfolios and capitalizing on our solid brand leader- ship in over 30 retail categories. Our strong balance  sheet positions us to drive strategic growth through  both acquisitions and internal investments. We will  support the expansion of our China business by  constructing a new refrigerated meats manufacturing  facility, planned to be operational by late 2016.  Board member changes Susan I. Marvin, President of  Marvin Windows and Doors, chose not to stand for  re-election to the Hormel Foods Board of Directors in  January. Marvin served as an excellent Director from  July 2002 to January 2014. We appreciate the valuable  input and contributions Susan made to the growth and  success of Hormel Foods. In July, the company announced the election of three  new members to the Hormel Foods Board of Directors. Gary C. Bhojwani, 46, is the Chairman of Allianz Life  Insurance Company of North America and will be  departing that position effective January 1, 2015. Sally  J. Smith, 56, is the President and Chief Executive  Officer of Buffalo Wild Wings, Inc. Steven A. White, 53,  serves as the President of Comcast West Division. The dedication and perseverance of our employees  help us maintain our leadership in so many critical  areas, and I would like to acknowledge, with gratitude,  their important contributions to the success of this  organization. This team will continue to grow our  business by focusing on delivering foods for the way we  live: wholesome, nutritious, and innovative products  that meet the needs of today’s busy and discerning  consumers around the globe. Senior management changes In January, William F.  Snyder, Senior Vice President, Supply Chain, announced  his retirement after providing many years of leadership  in the operations and supply chain areas. Bryan D.  Farnsworth advanced to Senior Vice President, Supply  Chain, and Richard A. Carlson progressed to Vice  President, Quality Management. Jeffrey M. Ettinger Chairman of the Board, President and Chief Executive Officer 2 foods for the way we live