Hormel Foods Corp. announced this morning it was ranked No. 9 on the 2014 Best Companies for Leaders list by Chief Executive magazine. This is the first time Hormel has received this recognition, according to the news release.

Chief Executive magazine compiles the list each year to identify companies that excel in leadership development. Criteria included having a formal leadership process in place, the depth of the leadership funnel (as measured by the percentage of senior management and middle management positions filled by internal candidates), and the company’s performance.

Procter & Gamble topped the list, followed by IBM and General Electric.

“It is an honor to be recognized on the 2014 Best Companies for Leaders list for our leadership development practices,” said Hormel CEO Jeff Ettinger in the release. “Our promote-from-within culture allows us to maintain our talented team of employees and achieve outstanding results.”

The final, top 40 ranking consists of public companies with more than $1 billion in revenue. For the full article, visit chiefexecutive.net/2014-best-companies-for-leaders.