Sanderson Farms held its annual meeting of stockholders yesterday [Thursday] in Laurel, Mississippi.
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In the formal business conducted at the meeting, stockholders elected four directors to new three-year terms expiring with the 2005 annual meeting. Elected to three-year terms were: Joe F. Sanderson, Jr, chairman and CEO of Sanderson Farms; Charles W. Ritter, president of Attala Company; Phil K. Livingston, retired chairman and CEO, Deposit Guaranty National Bank of Louisiana; and Lampkin Butts, VP of sales, Sanderson Farms.
Other directors, whose terms continue to future years, include: John H. Baker, III, D. Michael Cockrell, Hugh V. Sanderson, Robert Buck Sanderson, William R. Sanderson, Rowan H. Taylor and Donald W. Zacharias.
In other action at the meeting, stockholders ratified the selection of Ernst & Young LLP as independent auditors for the fiscal year ending 31 October 2002, approved an amended and restated stock option plan, and approved the awards of Phantom Stock to certain executives and key employees.
Separately, in his remarks to stockholders concerning the company’s operations, Joe F. Sanderson, Jr, chairman and CEO of Sanderson Farms, commented: “Fiscal 2001 was a year of significant growth and progress for Sanderson Farms. Our record annual net sales of over US$706m resulted from a 9.6% increase in poultry pounds sold, as well as a 9% gain in the average sales prices of poultry products.
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By GlobalData“Continued improvement in our operating performance and marketing execution were important factors driving our success during the year. We posted a new record in fiscal 2001, processing over 261 million chickens, or 1.2 billion dressed pounds, positioning Sanderson Farms as the seventh largest processor of dressed chickens in the US,” Sanderson added.
