Meat + Poultry - February 2009 - 8

BUSINESS NOTES

Tyson CEO retires, Tollet steps in
Tyson Foods Inc.'s president and CEO
Richard L. Bond, surprised many in
the industry on Jan. 5 by announcing
he was leaving the company, effective
immediately.
In addressing his rapid departure,
Bond said in a company news release,
"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. 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."
Leland Tollett, former chairman and
CEO of the company, has returned to
Tyson as president and CEO on an in-

terim basis until a permanent successor is chosen. Donnie Smith, longtime
Tyson executive, was named senior
group vice president of Poultry and Prepared Foods and
will have overall
responsibility for
those divisions of
the company.
Bond served
as president of
Tyson since January 2008 and
Bond
has been its CEO
since May 19, 2006. From Feb. 15, 2003
to May 2006 he served as chief operating officer and president of the company. From October 2001 to February
2003, Bond served as Tyson's co-chief
operating officer and group president

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of Fresh Meats and Retail. Prior to IBP
Inc.'s merger into a wholly-owned subsidiary of Tyson Foods in 2001, Bond
served as president and COO of IBP
from March 1, 1997 until the merger
was completed.
For the year ended Sept. 27, Tyson
Foods. had net income of $86 million, down 68 percent from $268 million, or 79c per share, during the pervious year.
Sales for the year were $26,862 million, down 4 percent from $25,729 million during the previous year.

Tom Vilsack
confirmed as Ag
Secretary
On Jan. 20, the Senate quickly approved six members of President Barack Obama's cabinet, including Tom
Vilsack as Secretary of Agriculture,.
The Senate confirmed all six with a
single-voice vote hours after Obama
took the oath of office to become the
44th president.
The other five who were confirmed
include Steven Chu, energy secretary;
Arne Duncan at education; Janet Napolitano for homeland security; Eric
Shinseki to head veterans affairs; and
Ken Salazar for interior. The Senate
also approved Peter Orszag, recently
the director of the Congressional Budget Office, to head the White House's
Office of Management and Budget.
Obama signed nominating papers for
his cabinet choices about an hour after
he took the oath.
Former Iowa governor Vilsack had
been atop a short list of candidates to
assume the top position with the USDA.
He is one of four members of the prospective Obama administration who
had competed with the President for the
Democratic nomination. He dropped
out before the primaries began and supported Senator Hillary Clinton until she
conceded defeat.

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Meat + Poultry - February 2009

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