Pilgrim's Pride Corp. announces its board of directors has approved the appointment of Jayson Penn, current President of Pilgrim's USA, to succeed Bill Lovette, who is retiring from the position of President and Chief Executive Officer of Pilgrim's Pride.
Lovette will remain available to provide strategic advisory services to the company through July 2020.
"Jayson Penn has enjoyed a distinguished career in the poultry industry and has played an integral role in the success of Pilgrim's over the last eight years," says Gilberto Tomazoni, chairman of the board of directors. "Since joining the company in March 2011, Jayson has exemplified the leadership qualities, passion to succeed and business acumen that make him the ideal candidate to assume this role. The Board's decision is further validation of the Pilgrim's strategy, implemented in 2012, to create a unique, diversified portfolio across multiple geographies, with a focus on key customers and operational excellence, to generate more consistent and higher margins. Jayson has been at the forefront of this strategy and we are confident in his ability to continue to create shareholder value.
Lovette was appointed president and CEO by the board of directors in January 2011 and, during his tenure, led a period of unprecedented value creation for the company and its shareholders, growing the business from $6.9 billion to $10.9 billion in annual net revenue.
Over the last eight years, Lovette helped establish Pilgrim's as a leading global food company by building a diversified portfolio of brands and on-trend products, extending the company's footprint to the UK and Europe, significantly expanding its presence in Mexico, investing in operations and increasing margins and bottom-line profitability by partnering with key customers to create shared success.
Penn will assume the position of president and CEO immediately.
