Pilgrim’s Pride Corporation (NASDAQ: PPC) announced that president and Chief Executive Officer Jayson Penn is on a paid leave of absence while the company’s Board of Directors has appointed Chief Financial Officer Fabio Sandri as an interim president and CEO during the absence of Mr. Penn. The company said Mr. Penn will focus on his defense of the recently faced accusation against him, as he has pleaded of not guilty.
Pilgrim’s stated the company board is taking the recent allegations on Mr. Jayson Penn very seriously and has considered that Mr. Penn he has been given the ease to focus more on his legal defense and company admired his making of a strong leadership team at corporation. While the company board has assured that Fabio and the team is able to continue the implementation of Pilgrim’s strategy and can easily go through day-to-day operations.
Chairman of Pilgrim’s Board of Directors, Gilberto Tomazoni further added, “Pilgrim’s operates with the highest standards of integrity and is committed to free and open competition that benefits both customers and consumers.”
Fabio Sandri who joined Pilgrim’s as CFO in June 2011 is now the interim CEO after nine years of experience as company’s leader of financial management and activities related to investor relations.
Pilgrim’s Pride Corporation is a global food company with more than 58,000 team members. It is engaged in processing, preparing, packaging and delivering fresh, frozen and value-added food products for the customers in over 100 countries.