Pilgrim’s CEO on Paid Leave of Absence

Rhea-AI Summary

Pilgrim’s Pride Corporation (NASDAQ: PPC) announced that its president and CEO, Jayson Penn, has taken a paid leave of absence amid legal issues. Penn is focused on defending against an indictment he has pleaded not guilty to. Fabio Sandri, the company’s CFO, has been appointed interim president and CEO. The board supports this decision, emphasizing Pilgrim’s commitment to integrity and effective management during this period. Sandri has a long history with Pilgrim’s, having joined as CFO in 2011.

Positive

• Fabio Sandri appointed as interim CEO, ensuring continuity in leadership.
• Strong leadership team in place, providing stability during transition.

Negative

• Jayson Penn's indictment raises concerns about potential reputational damage.
• Leadership transition may create uncertainty among investors.

GREELEY, Colo., June 14, 2020 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC) today announced that president and CEO Jayson Penn has begun a paid leave of absence, effective immediately. During his leave of absence, Mr. Penn intends to focus on his defense of the recently disclosed indictment against him, to which he has pleaded not guilty. The Pilgrim’s Board of Directors has appointed Fabio Sandri, Pilgrim’s CFO, as interim president and CEO.

“Pilgrim’s operates with the highest standards of integrity and is committed to free and open competition that benefits both customers and consumers,” said Gilberto Tomazoni, chairman of Pilgrim’s Board of Directors. “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. Jayson has built a strong leadership team at Pilgrim’s. The board has complete confidence in the ability of Fabio and the team to continue to implement Pilgrim’s strategy and successfully run day-to-day operations.”

Fabio Sandri joined Pilgrim’s as Chief Financial Officer in June 2011. He brings to his role as interim CEO nine years of experience with the company as leader of its financial management and investor relations activities.

About Pilgrim’s
As a global food company with more than 58,000 team members, Pilgrim’s processes, prepares, packages and delivers fresh, frozen and value-added food products for customers in more than 100 countries. For more information, please visit www.pilgrims.com.

Media Contact:
Cameron Bruett
Corporate Affairs
cameron.bruett@jbssa.com   
970.506.7801

FAQ

What recent leadership changes occurred at Pilgrim's Pride Corporation (PPC)?

Jayson Penn has taken a paid leave of absence, with Fabio Sandri appointed as interim CEO.

Why is Jayson Penn on leave from Pilgrim's Pride Corporation?

He is focusing on his defense against a recent indictment, to which he has pleaded not guilty.

Who is the interim CEO of Pilgrim's Pride Corporation?

Fabio Sandri has been appointed as the interim president and CEO.

What impact might Jayson Penn's legal situation have on Pilgrim's Pride Corporation?

His indictment could lead to reputational risks and uncertainties for the company.

How long has Fabio Sandri been with Pilgrim's Pride Corporation?

Fabio Sandri has been with the company since June 2011, serving as CFO before becoming interim CEO.