Dick Bond, president and chief executive officer of Tyson Foods, announced today (5 January) that he is leaving the US meat giant, effective immediately.
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“After seven years of helping lead or leading the world’s largest meat company, I have decided it is in both my best interest personally, and the best interest of the company for me to move on and pursue other interests,” Bond (pictured) said.
“I have a lot of both my time and personal finances invested in Tyson Foods, so I wish the company all the best for future success,” he added.
The news comes as the US meat sector struggles with soaring feed costs at a time when weak demand and an over-supply of meat has weighed on prices.
However, Tyson has fared relatively well compared to its rivals.
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By GlobalDataLast month, the company secured a fresh credit agreement with its lenders and, although its full-year results were hit by restructuring charges, the meat group booked a strong fourth-quarter performance.
For the three-month period ended 27 September, net income reached US$48m from $32m a year ago, while sales climbed to $7.20bn from $6.57bn in the previous year.
For the fiscal year, Tyson’s earnings tumbled to $86m from $268m a year ago. However, sales rose to $26.86bn from $25.73bn in 2007.
Leland Tollett, former chairman and CEO of the company, has agreed to return to Tyson as president and CEO on an interim basis, until a permanent successor has been chosen.
Additionally, Donnie Smith, has been promoted to senior group vice president of poultry and prepared foods, with overall responsibility for those divisions.
