AUSTIN, Minn. –Chief Executivemagazine named Hormel Foods Corp. to the top 10 of its 2014 list of Best Companies for Leaders.

Hormel achieved the No. 9 ranking, and it is the first time the company has received this recognition. The company joins the ranks of P&G, IBM, General Electric and Unilever, among other companies.

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

Chief Executivemagazine compiles an annual list of companies that excel in leadership development. Criteria the magazine uses to choose companies include having a formal leadership process in place, company performance and the depth of the leadership funnel as measured by the percentage of senior management and middle management positions filled by internal candidates.