US: Disagreement forces Smithfield director resignation

By: just-food.com | 15 September 2009

Paul Fribourg has resigned from the board of US meat group Smithfield Foods due to a disagreement over the company's previously announced US$250m equity offering.

Fribourg, who is chairman, president and CEP of Continental Grain Company, advised the company that he was resigning this week, claiming he does not support Smithfield's equity offering.

In a statement issued today (15 September), the company said: "Mr Fribourg advised the company that he did not believe that an offering of this magnitude was necessary at this time, given his confidence in the future performance of the company and the attendant dilution to all shareholders.

Michael Zimmerman, executive vice president and CFO of Continental Grain Company, also submitted his resignation as an advisory director.

Sectors: Meat & poultry, Seafood

Companies: Smithfield Foods