2023 Land O'Lakes, Inc. Annual Report

LAND O’LAKES, INC. ANNUAL REPORT 2023

U.S. agriculture plays a critical role in sustainably feeding a growing global population. Yet the farmers, ag businesses and rural communities they call home face a growing number of challenges that could stand in the way of our nation’s ability to produce a safe and abundant food supply.

As a cooperative system, Land O’Lakes, Inc. knows the solution to these challenges is found in working together with established business leaders — such as farmers and ag retailers — who have earned local trust and demonstrated the ability to drive change.

At Land O’Lakes, this work takes shape through strong enterprise performance, investing in shared solutions, advocating for our industry and communities, and driving growth for future generations. By working together, we can strengthen the economic prosperity of our shared businesses and communities, and we can address some of the greatest obstacles to feeding the world.

DEAR STAKEHOLDERS,

In 2023, our cooperative was more connected than ever before. We worked together to deliver both member and enterprise success, and to tell the collective story of the power of agriculture, its families and its vital communities. The company performed well, and we closed the year with net sales of $17 billion and net earnings of $258 million.

Land O’Lakes helped position our members for their own individual and organizational success. Despite some variability across the enterprise, the strong performance in Crop Protection and Dairy Foods more than offset lower volumes in Animal Nutrition.

In Crop Inputs, we had a strong year once again. WinField United has consistently been responsible for growth and support across our enterprise. Their unique approach is to build foundational partnerships that provide the right insights and financing support at the appropriate time of the season. The Truterra business, the only business that puts the farmer at the center of sustainability efforts, returned $5 million to farmers in carbon credits.

Animal Nutrition, a business in transition, saw the significant impact of competitive market pressures, consumer price sensitivity and lower private label volumes in the Lifestyle business. Livestock volumes were also impacted by historically low beef cow populations and challenging dairy producer economics. These impacts were partially offset by higher patronage income and favorable product mix in the grass cattle portfolio.

Dairy Foods earnings showed significant improvement, as business returned to more pre-pandemic rhythms with strong fourth quarter results. The business unit saw expanded retail margins driven by higher pricing levels, volume growth in our Branded Butter and Foodservice businesses, and lower input and distribution costs.

In International, a key part of our growth agenda, we are seeing increasing opportunities. With 95% of the population living outside of the United States, we have and will continue to build our International efforts and be intentional about action in the countries that have the most potential.

We were also pleased to make some influential media lists this year. We were named to the Fast Company World Changing Ideas list, the TIME100 Climate Influencers list, the TIME100 Most Influential Companies list in the Titan category and CNN’s Risk Takers list. These honors speak to the importance of our members’ place in the world.

We know that agriculture, and the families and communities that feed the world, are foundational. We have a responsibility to tell their story and support the profoundly important work they do every day.

Beth Ford, President and CEO

Rick Brand, Chairman of the Board

CROP INPUTS & INSIGHTS

ALIGNING OUR CHANNEL

Harnessing the full potential of our system’s scale requires a closer relationship and shared commitment to growth. In support of this, we focused on getting more accurate data in-season to power real-time business decisions at retail. We’re doing this by assigning teams to support standardizing data and modernizing the AgriMine® platform to allow owners the ability to clean their own data before publishing to manufacturers. We also introduced a more tailored approach to growthoriented services such as strategic planning, mergers and acquisitions support, supply chain optimization and talent management.

GROWTH THROUGH INNOVATION

Data sets our system apart from the competition, and the quicker we convert it into actionable insights, the more relevant we become. In 2023, WinField United began processing Innovation Center, Answer Plot® and system data more efficiently than ever to provide a consistent stream of products, services and agronomic expertise. Today we have a pipeline of up to 80 new products expected to come to market over the next three years. Participation in our service offerings has continued to grow with the Advanced Acre® Rx program reaching close to a million acres enrolled in 2023 and the SECURE™ Financing program surpassing $1 billion in loan commitments. These services provide valuable risk assurance to growers and serve as a great retention tool for retailers. For instance, 88% of growers using SECURE™ Financing for seed purchases returned to buy seed the following year.

MAXIMIZING OUR SYSTEM’S EFFICIENCY

By working more closely with retail-owners, WinField United continues to create operational efficiencies. Together, we’ve used our collective system knowledge to find new solutions to persistent problems and create a supply chain that’s efficient, resilient and responsive when needed. Since 2019, we’ve seen a 120% improvement in average pounds of product per shipment, which translates to 55% fewer deliveries, 3.4 million fewer miles traveled and a 4,700 metric ton emission reduction. This work has also supported our relationship with key manufacturer partners by allowing for more proactive planning as a result of our improved forecasting capabilities.

ACTIVATING OUR TALENT

WinField United has adopted a healthy approach to supporting system growth by investing in people, tools and processes that help clarify priorities, increase efficiency and narrow focus on specific targets. We’ve already seen productivity increase as this discipline has been applied to targeted sales and marketing plans, and is being incorporated into every WinField United employee’s individual goals. We’re also investing in our system’s talent by putting services in place that support the growth strategies of our retail-owners. In 2023, through our Center of Excellence, about 130 sellers from 13 retailowners participated in at least one training module on topics like core sales, situational leadership and business acumen.

DAIRY FOODS

$2M GOING TO PENNSYLVANIA FARMERS TO IMPLEMENT SUSTAINABLE PRACTICES

Eligible Land O’Lakes member dairy farms in Pennsylvania are getting an extra boost to adopt more sustainable practices. In summer 2023, the United States Environmental Protection Agency (EPA) and the Hershey Company announced a joint commitment to help dairy farmers reduce both nutrient runoff and greenhouse gas emissions. Land O’Lakes will help select farms to work with, and the nonprofit Alliance for the Chesapeake Bay will assist them in putting control practices in place over three years.

BUTTER HACKS GO VIRAL

At Land O’Lakes, we are excited about the future of dairy, with per capita dairy consumption at its highest in 30 years. Our teams are working to capitalize on these cultural moments by sharing our favorite butter hacks on our social media channels. Some of the hacks our consumers loved most include softening butter by grating it with a strainer, and how to safely store butter wrappers for later use in greasing cookie sheets. You can find these and other hacks on our Facebook, Instagram and TikTok channels.

LAND O’LAKES LAUNCHES AD DURING BIG GAME

During the 2023 Big Game, Land O’Lakes released a 60-second spot across social platforms dubbed “Not a Big Ad.” The video was rooted in the message that Land O Lakes® dairy products are a major part of the Big Game Day: They are cooked up in home kitchens across the country, served up in our living rooms and the recipes are passed down year after year. However, Land O’Lakes farmer-owners are so focused on helping to bring high-quality products to consumers that a big, flashy broadcast campaign simply isn’t on their minds. The ad builds on our Eat It Like You Own It campaign, which reminds consumers that when they buy Land O Lakes® dairy products, they are directly supporting over 1,000 dairy-farmer owners.

MEET OUR MASTER CHEESEMAKER

Tim Stearns joined the Land O’Lakes team as the official cheesemaker in Kiel, Wisconsin, in 2022. The following year, Tim took a significant step and was recognized as a Master Cheesemaker by the Dairy Farmers of Wisconsin, one of the industry’s highest honors. Beyond the personal honor, Tim’s accomplishment is perfectly timed from a business standpoint, as Land O’Lakes is expanding into the dairy case cheese category. Since launching in late 2021, the new Land O Lakes® Cheese line now features up to 25 items in over 3,000 stores across the Midwest and the Northeast.

ANIMAL NUTRITION

PUTTING THE CUSTOMER AT THE HEART OF ‘ONE ANIMAL NUTRITION’

Animal Nutrition is investing in one of the most significant business transformations in its history with the goal of improving processes, enabling growth and putting the customer experience at the center of all we do. Our Customer Feedback Roadshow revealed improvement opportunities in technology applications, supply chain efficiency, and research and innovation. Project Beacon, our first new enterprise planning software implementation in over 20 years, and the creation of a regional operating model are both high-impact projects that will help Animal Nutrition better meet customer needs.

COMMERCIAL LIVESTOCK GROWTH

Commercial livestock has always played an important role in our portfolio and now has become increasingly critical to our business performance. To increase our advantage within the space, we made an intentional move to drive focus on the value of additives. We’re also using Purina Animal Nutrition Center innovation to launch additives designed to solve industry challenges and position producers for success.

CONTINUED MOMENTUM IN NUTRA BLEND, ADDITIVES

Nutra Blend secured recordbreaking back-to-back integrator bids during the third and fourth quarters of 2023. This was followed by more success with the launch of our Endura additives product line, which is part of the additives portfolio. The work of our new additives team, combined with Nutra Blend’s customer successes, supplier diversification, intentional inventory management and supply chain efficiencies added momentum to this critical segment of our business and will continue to set us apart in 2024 and beyond.

RE-INVESTING IN OUR ICONIC BRANDS

We know the power and pride we have in our iconic brands, and the quality, research and innovation at their foundation. This has made us market leaders across several categories for over 130 years. This year, we worked to build consumer trust by upping the investment in the brand and reiterating the science, research, innovation and heart that goes into our products. Working with our dealers and brand loyalists, we increased resourcing, community engagement and, most importantly, facts that drove a record-setting number of visits to Purinamills.com.

TRUTERRA

ENROLLING FARMERS IN TRUTERRA’S LEADING CARBON PROGRAM

Truterra’s carbon program supports and rewards eligible farmers for the transition to qualifying conservation agronomy practices on their fields. In the program’s first two years, farmers were paid over $9 million for sequestering over 460,000 metric tons of carbon. In 2023, Truterra also expanded eligibility for the program to include qualified long-term adopters of conservation practices. This program is delivered through Truterra’s network of local agriculture retailers, who play an essential role in helping farmers on their conservation journeys.

SUPPORTING DAIRY SUSTAINABILITY

Truterra’s unique, innovative approach to the quantification of dairy emissions allows us to help both producers and processors understand and impact farm-level emissions. We are creating tools that aim to improve measurement, provide better insights and take into consideration all aspects of the dairy production process.

LAUNCHING NEW, FARMER-FRIENDLY PROGRAMS

Truterra has introduced new data-driven, region- and crop-specific programs to support farmers’ conservation efforts. This includes programs specific to cotton and wheat, as well as a nitrogen management incentive program. These flexible, farmer-friendly programs build on Truterra’s mission to support farmers wherever they are on their sustainability journey.

SCALING SUSTAINABLE FARMING WITH USDA

The U.S. Department of Agriculture (USDA) Climate Smart Commodities grant awarded to Truterra in 2022 is enabling us to scale sustainable farming practices. Over five years, Truterra intends to reduce greenhouse gas emissions by approximately 6.9 million metric tons of carbon and reach 20,000 farmers thanks to a strong network of private, public and nonprofit partners. We have been preparing initiatives in coordination with our agriculture retail network to support the delivery of conservation agronomy services and provide financial incentives to farmers for conservation practice changes. The Soil Health Institute, American Farmland Trust and Federation of Southern Cooperatives are key partners in this work.

ALLEVIATING THE FARM DATA

BURDEN

Truterra believes that making the farm data entry process as seamless as possible is necessary to scale farmer participation in conservation programs. In 2023, we made improvements to our back-end system and ramped up work with companies in the ag tech and sustainability spaces to help alleviate the burden of farm data entry.

SHARED GROWTH

At Land O’Lakes, we put our members first and prioritize initiatives that support the success of our farmer- and retail-owners. We’re working to forge connections and shape a future that drives a healthy growth trajectory, for us and our member-owners, well into the future.

THE SECRET WEAPON TO MORE REWARD IN FARMING

Each growing season is different for farmers, so we continue to develop and offer services through our retail network that help farmers better manage the unpredictable challenges that come. Since 2016, WinField United’s SECURE™ Financing has offered farmers a fixed-rate, low-interest loan solution to help them get the most for their input investment. The program has expanded each year, and in 2023 it surpassed the $1 billion milestone of loans financed with around 6,000 growers enrolled.

WinField United also offers the Advanced Acre® Rx program, which uses our system’s expansive agronomic data and insights to help farmers improve their potential return on investment. If a farmer follows the customized prescription plan and does not meet or exceed an approved yield target, WinField United covers the cost of services and some input costs via an agronomic service warranty payment. In 2023, 1.4 million acres enrolled in the program nationwide, a big jump from pilot year 2020 when just 15,000 acres were enrolled.

“

A lot of the things we do on a daily basis revolve around risk management. Growers have the potential to gain a lot by enrolling in Advanced Acre Rx®. It should be a no-brainer for a farmer to take the leap.”

Chuck Wenner, Wenner-Underwood Farms

DAIRY CASE CHEESE BRINGS

NEW OPPORTUNITIES FOR MEMBER MILK

“

When Land O’Lakes launched a new line of retail dairy case cheese offerings in late 2021, we did so to expand our presence in the dairy aisle of grocery stores and help increase the value of member milk production. Using our award-winning cheddar as the foundation for the expansion, Land O’Lakes has been deliberate in how and where it introduces new products into the lineup, ensuring that demand remains strong.

All our cheese is produced at the facility in Kiel, Wisconsin, where Master Cheesemaker Tim Stearns and others work to produce the highest-quality products. Tim’s family has been in the dairy business since the late 1800s, and he’s been a licensed cheesemaker in Wisconsin for nearly 15 years. Tim and the other cheesemakers’ passion for making the most of member milk, combined with a Dairy Foods team dedicated to driving consumer demand, has our dairy case cheese expansion set up for sustained growth.

It’s amazing to be able to work for a company that is pushing for us to make an award-winning product for the farmers. It reinforces the hard work and the passion our member-owners are putting in, because we’re equally putting our best in.”

Tim Stearns, Master Cheesemaker at the Kiel Dairy Manufacturing Facility

NUTRITIONAL ADDITIVES OPEN NEW DOORS FOR LIVESTOCK WELLNESS

We know the important role animals play in so many of our member-owners’ businesses. We also know it’s becoming increasingly challenging to care for those animals, so we’re working to support the livestock businesses of our customers, dealers and retail-owners through additive solutions. Feed additives give us the opportunity to partner with farmers to deliver optimal animal production and business resilience.

In early 2023, Animal Nutrition launched Endura™, a patentpending health pack feed additive specifically designed to support the immune system of pigs. Endura™ is one of several additive solutions that can help farmers make sure their livestock stay healthy and high-performing.

“

Innovation is the binding piece that holds all of our different teams within Land O’Lakes together. The cooperative organization that we have affords us this opportunity to give back to not only our community, but to farmers that are just like us.”

Dr. Stacie Crowder, Director of Additive Sales and Technical Innovation

COLLABORATING TO HELP CREATE A CLEANER CHESAPEAKE BAY

In August 2023, the United States Environmental Protection Agency and the Hershey Company announced the joint commitment of $2 million for Land O’Lakes member dairy farms in Pennsylvania to support clean water and sustainable farming initiatives. The announcement was made at an event held at Central Manor Dairy, the farm of Land O’Lakes member-owner Steve Harnish.

The increased funding builds on the “Sustainable Dairy PA” initiative started by Land O’Lakes, Hershey and the Alliance for the Chesapeake Bay in 2021. The program takes a collaborative, industry-led and public sector-supported approach to accelerate on-farm conservation practices in support of community and customer goals.

“

My family has been adopting sustainable practices on our farm for decades, and it is a continuous process. Being a part of the Land O’Lakes cooperative system provides an opportunity for farmers like us to access resources and funding to further our impact.”

Steve Harnish, Central Manor Dairy

SHARED SOLUTIONS

Innovation is vital to overcoming challenges, supporting economic viability and maintaining the resiliency of our food system. We’re continuously investing in shared solutions — products, services, insights — aimed at supporting the productivity, profitability and sustainability of every acre and animal our system touches.

HOW LAND O’LAKES IS SOWING THE FUTURE OF FARMING

Food insecurity affects more than 30% of people globally, and this number is expected to rise to 65% by 2100. Due to colliding impacts of weather volatility, population growth and record-high inflation, agricultural research and technology are more important than ever — not only to address food insecurity but to do so sustainably.

Land O’Lakes is rethinking the way our food is grown — starting with the soil — to create a more efficient, sustainable and affordable food system for everyone. The cooperative conducts industry-leading research at the WinField United Innovation Center in River Falls, Wisconsin, to develop state-of-the-art agriculture programs and technologies aimed at improving yields in a more efficient and sustainable manner. Moving from the lab to the fields, WinField United’s Answer Plot® program provides the localized data and insights retailers can deliver to help growers choose the best products and practices for their soil type.

“

The ag industry is always evolving, and factors that affect farmers change every day and every hour. This is why it is a priority for Valley United Co-op to have partners with strong research and development programs.”

Paul Coppin, CEO of Valley United Co-op

GOING HIGH-TECH TO FIGHT FOOD WASTE

The shorter shelf life of dairy has historically made it difficult to donate unsold products to communities in need before they expire. In order to fight food waste and further our hunger relief efforts, Land O’Lakes Dairy Foods joined forces with the Land O’Lakes Foundation and Spoiler Alert in 2023 to digitize the sale and donation of short-dated inventory and keep product out of landfills.

Since joining forces with Spoiler Alert, around 3.7 million pounds of Land O’Lakes product was donated to nonprofits in 2023, which is five times more than the previous year. In 2020, Land O’Lakes set an enterprise goal, aligned to the United Nation’s Sustainable Development Goal of Zero Hunger, of 3 million pounds of product donations by 2030. We surpassed that number in 2023 alone.

“

We have received an incredible 252,658 pounds of food in 2023 through Spoiler Alert. These donations have been instrumental in providing our neighbors with the high-quality Land O’Lakes products that

they love, need and deserve.”

Jacob Lamplough, Donor Development Manager at Northern Illinois Food Bank

TRUTERRA LAUNCHES NEW FARMER-FOCUSED PROGRAMS BEYOND CARBON

Truterra launched new region- and crop-specific programs to support farmers as they adopt sustainable practice changes including opportunities specific to cotton and wheat, as well as a nitrogen management incentive program. These flexible, farmer-friendly programs build on Truterra’s mission to support farmers wherever they are on their sustainability journey.

We’re also continuing to improve Truterra’s farmer-centric, retail-driven carbon program. In the first two years, Truterra has paid over $9 million to farmers for sequestering 462,000 metric tons of carbon. The program now includes a long-awaited solution for long-term adopters.

“

I was the first farmer to sell my carbon credits in the U.S., and I sold them through a marketplace that had trouble attracting buyers. Then I became familiar with a Truterra retailer and learned that it’s backed by the 100-year-old cooperative Land O’Lakes. There’s no more secure system to be a part of — Truterra is the place for farmers to be.”

Kelly Garrett, Garrett Land & Cattle

COMBINING A PASSION FOR ANIMALS WITH A COMMITMENT TO IDENTIFYING WHAT’S NEXT

Our one-of-a-kind Purina Animal Nutrition Center is a 1,200-acre working farm in Gray Summit, Missouri, that’s been home to leading animal research for nearly 100 years. The research done at this facility and across the Animal Nutrition business sets us apart in the industry.

With more than 24,000 scientific studies, we’re developing innovative solutions that advance the way we nurture animals and support customers across species and businesses. Some current focus areas include using enzyme technologies to optimize digestion, gut health and nutrient availability to learn more about the animal’s microbiome, and leveraging state-of-the-art microbiology facilities at the Purina Emerging Technology Center.

The research that we do here is the cornerstone for everything we do and everything that sets us apart as a company. We are given permission to ask the hard questions and to find the answers that help us truly understand and unlock the greatness in every animal.”

Dr. Robert Jacobs, Equine Innovation Manager

SHARED VOICE

The successes of Land O’Lakes and our member-owners, and that of agriculture and rural America, are directly linked to one another. We’re committed to advocating alongside our member-owners to advance causes that support America’s farmers and rural communities, and champion agriculture’s true potential.

HARNESSING THE COOPERATIVE SPIRIT TO ADVOCATE FOR THE AG INDUSTRY

A primary benefit of the cooperative system is working together to advance shared policy goals in support of our businesses, industries and communities. The Land O’Lakes cooperative system combines national brand recognition with the local leadership of our farmer- and retailowners to maximize our impact.

As conversations around the Farm Bill emerged, Land O’Lakes increased our grassroots advocacy efforts alongside our member-owners in communities across the country, sharing perspectives and experiences from across the agriculture industry with policymakers locally and nationally. In 2023, op-eds written by member-owners were featured in local publications in seven states, reaching a broad audience of over 500,000 people and targeting key policymakers.

What the Farm Bill does — and doesn’t — do is of great importance to rural communities across the nation. We urge Congressional leaders to pass a robust Farm Bill that meets the needs of farmers in these volatile times.”

Jeff Blair, President and CEO of GreenPoint Ag

PUTTING A SPOTLIGHT ON THE VIBRANCY OF RURAL AMERICA

We know that as important as farmers and ag retailers are to creating a better world for all of us, so are the rural communities they call home. The key to our country’s ability to feed the world lies in the success of the rural communities responsible for producing 87% of the domestic food supply. To combat widely held misconceptions, we are working to reframe the narrative to show rural American towns as vibrant, exciting places that are vital to the future of the country.

In 2023, two documentary-style short videos featuring Tulare, California, and Fort Dodge, Iowa, were produced to show how vibrant, innovative and incredible rural America is — and the central role farmers and local cooperatives play in supporting their neighbors locally and around the world.

These short videos allow us to wield influence on behalf of our members to help address critical issues, forge new relationships and strengthen consumer confidence in U.S. agriculture.

“

Farming isn’t just a job. It’s a lifestyle. If these rural communities lost that opportunity to produce food, it would disrupt not just our community, not just the state, not just the country, but globally.”

CONVENING TO CLOSE THE DIGITAL DIVIDE

With a cooperative system footprint of 10,000 rural communities, we know better internet connectivity is critical for education, economic competitiveness, accessible health care and food production. That’s why Land O’Lakes has continued our work leading the American Connection Project to close the digital divide.

In 2023, the American Connection Project’s American Connection Corps launched its second cohort, with 105 Fellows serving in 36 states across the United States. These Fellows are working in conjunction with Lead For America and AmeriCorps to help rural communities compete for important federal funds to reach communities with no or poor access to broadband. We also launched a new American Connection Community in Manitowoc, Wisconsin, through the Center on Rural Innovation’s Rural Innovation Initiative to help create innovation hubs, assist with applications for state and federal funding, and gain access to tech skills and tools.

In 2021, my family and I installed artificial intelligence monitoring on our fourth-generation farm to monitor the health of our 500 cows. This wouldn’t be possible if our farm didn’t have access to rural broadband.”

Evan Hillan, Rusk Rose Holsteins

SUPPORTING THE COMMUNITIES WE CALL HOME

Community engagement is a hallmark of our cooperative system, and our member-owners are generous supporters of their local communities. Through the Land O’Lakes Foundation’s Member Co-op Match Program, retail-owners participated at record levels, donating over $1.5 million. This is one of three programs in which the Foundation matches member giving dollar for dollar. These, combined with our Region Grants program, resulted in a total philanthropic impact of $3.85 million in communities across our footprint.

Land O’Lakes members also regularly participate in First Run product donations, providing a local connection to these giving events. Nearly 278,000 pounds of product was distributed to communities where our dairy and ag members are located. That brings the program’s grand total to about 7 million pounds of food manufactured for the sole purpose of donation.

Our members care deeply about their local communities. Through their immense generosity, they are helping their neighbors thrive, and the Land O’Lakes Foundation is proud to double their impact.”

Morgan Kinross-Wright, Vice President of Community Relations

2023 BOARD OF DIRECTORS

RICK BRAND Somers, IA

BRIAN BUHR Roseville, MN

SHARDA CHERWOO New York, NY

PAUL COPPIN West Fargo, ND

CARL DICKINSON Marquette, NE

NEAL KEPPY Eldridge, IA

WALLY KNOCK Willow Lake, SD

STEPHEN MANCEBO Tulare, CA

ANDY MASON Worton, MD

LIZ NORDLIE Wayzata, MN

JARED FERNANDES Tulare, CA

JOEY FERNANDES Tulare, CA

SADIE FRERICKS Melrose, MN

JOHN HABEDANK Twin Valley, MN

STEVE HARNISH Washington Boro, PA

EVAN HILLAN Ladysmith, WI

JEFF JOHNSON Chaska, MN

ROSS PLUMBERG Vermillion, KS

STAN STARK Pratt, KS

CHRIS SUKALSKI LeRoy, MN

DOUG SWAIM Cedarville, OH

JEFF TROIKE Attica, IN

PAUL SCHWEIGER Hillsboro, WI

JOSH ZONNEVELD Laton, CA

2023 EXECUTIVE LEADERSHIP TEAM

BETH FORD President & Chief Executive Officer

HEATHER ANFANG SVP, U.S. Dairy Foods

TEDDY BEKELE SVP & Chief Technology Officer

PETE KAPPELMAN SVP, Member & Government Relations

HEATHER MALENSHEK SVP & Chief Marketing Officer

TIM LEVINY SVP, International & Global Dairy Ingredients

BRETT BRUGGEMAN

EVP & Chief Operating Officer, Ag Businesses

LISA DEVERELL

EVP & President, Animal Nutrition

YONE DEWBERRY SVP & Chief Supply Chain Officer

JOHN ELLENBERGER SVP, Land O’Lakes Venture37

SHEILAH STEWART

SVP & General Counsel

JASON TRUSLEY SVP & Chief Strategy Officer

JULIE SEXTON SVP & Chief Human Resources Officer

BILL PIEPER

EVP & Chief Financial Officer