SPRINGDALE, Ark. (AP) - Tyson Foods says its president and chief
executive, Dick Bond, is stepping down immediately and will be
replaced on an interim basis by former chairman and CEO Leland
Tyson, the world's largest meat processing company, said Bond
announced his decision today (Monday). In a statement, Bond said the decision was in his own personal best interest and best for the
Tyson and other meat producers have been squeezed by volatile
commodity prices, weak demand and an oversupply of meat on the
market. Last month, Tyson signed an agreement with its creditors
that puts up just about the entire company as collateral for its loans.
Also today, Tyson named Donnie Smith as senior group vice president of poultry and prepared foods.
Arkansas-based Tyson operates poultry processing plants in Albertville and Blountsville.
(Copyright 2009 by The Associated Press. All Rights Reserved.)