Directors were elected to one-year terms yesterday at IBP's annual meeting, company officials reported. Those elected to serve on the company's board of directors include Robert L. Peterson, IBP chairman and chief executive officer; Richard L. Bond, IBP president and chief operating officer; Eugene D. Leman, chief executive officer of IBP Fresh Meats; John S. Chalsty, senior advisor to Credit Suisse Boston; Dr. Wendy L. Gramm, former chairman of the Commodity Futures Trading Commission; John J. Jacobson, president of TransAm Trucking, Inc.; Dr. Martin A. Massengale, president emeritus of the University of Nebraska; and Joann R. Smith, former assistant secretary of the U.S. Department of Agriculture. Approximately 97% of the shares voted were in favor of their election to the board.