Pilgrim CEO Takes Paid Leave Of Absence To Focus On Legal Battle

Global food company Pilgrim's Pride Corporation PPC announced over the weekend that its president and CEO Jayson Penn will temporarily step down to focus on a legal battle.

What Happened: Penn and a handful of other executives in the chicken industry were charged with allegedly fixing the price of poultry. Penn will take a paid leave of absence immediately to focus on his defense; he has pleaded not guilty.

"The board takes the recent allegations very seriously and believes it is in the best interests of both Jayson and the company that he is given the opportunity to focus on his legal defense during this time," Gilberto Tomazoni, chairman of Pilgrim's board, said in a statement. 

Pilgrim CFO Fabio Sandri was appointed interim president and CEO.

Why It's Important: Pilgrim said it "operates with the highest standards of integrity" and takes pride in operating within a "free and open competition" that benefits customers and consumers, Tomazoni said. 

What's Next: Sandri was named Pilgrim as CFO in mid-2011 and has nine years of relevant experience with the company as the leader of its financial management and investor relations activity.

The stock was down 0.94% at $17.97 premarket Monday.

Related Links:

Pilgrim's Pride Falls After Chicken Companies Are Charged With Price Fixing

Tyson Says It's 'Fully Cooperating' Amid Price Fixing Probe: WSJ

Posted In: chickenChicken PricesJayson PennpoultryNewsManagement

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.