Sanderson Farms Announces Retirement of Board Member Fred Banks

Rhea-AI Summary

Sanderson Farms (NASDAQ: SAFM) announced that Fred L. Banks, Jr. will retire from its Board of Directors after the 2022 annual shareholders' meeting. Banks has served as an independent board member since 2007, contributing valuable legal insights, particularly in governance and diversity initiatives. His tenure included roles in various committees, enhancing long-term shareholder value. Banks, a seasoned attorney and former Mississippi Supreme Court Justice, has been influential in promoting legal aid and diversity in Mississippi. His retirement marks the end of a significant era for the company.

Positive

• Fred L. Banks contributed significantly to governance and diversity initiatives.
• His retirement opens the door for fresh perspectives on the Board.

Negative

• The departure of an experienced board member may impact continuity in decision-making.
• Potential experience gaps in governance and diversity initiatives.

LAUREL, Miss.--(BUSINESS WIRE)-- Sanderson Farms, Inc. (NASDAQ: SAFM) today announced that Fred L. Banks, Jr. has informed the Company that he will retire from the Sanderson Farms Board of Directors when his current term ends at the 2022 annual shareholders’ meeting.

“Fred Banks has been a valued independent member of the Sanderson Farms Board of Directors since 2007,” stated Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc. “His extensive legal experience as a practicing lawyer, judge and legislator provided an important perspective in the development and implementation of our governance best practices. Fred is a tireless advocate and a respected leader in Mississippi known for his commitment to diversity and legal aid services for those in need. We were fortunate to benefit from this expertise as he played a pivotal role in shaping and supporting Sanderson Farm’s diversity, equity and inclusion policies and practices. In every way, Fred has been the embodiment of our company culture of mutual respect, collaboration, trust, and fairness. We are grateful for his important work in serving on our Audit, Compensation and Nominating and Governance Committees and for his invaluable contributions toward increasing long-term shareholder value. We will certainly miss the considerable insight and wisdom he provided as a Board member. We wish Fred and his family all the best in his retirement.”

Banks is a Senior Partner at Phelps Dunbar LLP, Jackson, Mississippi, practicing general commercial litigation. He has also had extensive experience as a judge having served as a Presiding Justice of the Mississippi Supreme Court from 1999 to 2001 and Justice from 1991 to 1999. He also served as a Circuit Court Judge for Hinds and Yazoo Counties, Mississippi, from 1985 to 1991 and served as a representative on the Mississippi House of Representatives from 1976 to 1985. Banks has been a leader in numerous civic and philanthropic organizations both in Mississippi and nationally, including serving on the national board of the NAACP, Chairman of the Board of the Mississippi Center for Justice, and the Mississippi Civil Rights Museum Advisory Commission.

Sanderson Farms, Inc. is engaged in the production, processing, marketing and distribution of fresh, frozen and minimally prepared chicken. Its shares trade on the NASDAQ Global Select Market under the symbol SAFM.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005631/en/

Mike Cockrell

Treasurer, Chief Financial Officer &

Chief Legal Officer

(601) 649-4030

Source: Sanderson Farms, Inc.

FAQ

Who is retiring from the Sanderson Farms Board of Directors?

Fred L. Banks, Jr. is retiring from the Sanderson Farms Board of Directors.

What impact does Fred Banks' retirement have on Sanderson Farms?

His retirement may impact continuity and experience in governance and diversity initiatives.

When is Fred Banks' retirement effective?

Fred Banks' retirement will be effective at the 2022 annual shareholders' meeting.

What has been Fred Banks' contribution to Sanderson Farms?

Banks has provided legal insights and supported governance best practices and diversity policies.

How long has Fred Banks served on the Sanderson Farms Board?

Fred Banks has served on the Sanderson Farms Board since 2007.