The vote follows yesterday's announcement of a ruling by the US Bankruptcy Court to allow the hiring of Jackson, a former Tyson executive, as President and CEO.
PITTSBURG, TX., Jan. 28, 2009 -- Pilgrim's Pride Corporation (Pink Sheets: PGPDQ) today announced that Don Jackson, president and chief executive officer, has been elected to the Company's Board of Directors, effective immediately.
Dr. Jackson joined the company on an interim basis last month and his appointment as president and CEO was approved yesterday by the U.S. Bankruptcy Court. Prior to accepting his position with Pilgrim's Pride, he served as president of Foster Farms' poultry division, a leading poultry producer on the West Coast.
As previously announced, the Company filed voluntary Chapter 11 petitions on December 1, 2008. The Chapter 11 cases are being jointly administered under case number 08-45664. The Company's operations in Mexico and certain operations in the United States were not included in the filing and continue to operate as usual outside of the Chapter 11 process.
Additional information about the restructuring is available at the Company's website www.pilgrimspride.com or via the Company's restructuring information line at (888) 830-4659.
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U.S. Bankruptcy Court approves Don Jackson as President and Chief Executive Officer of Pilgrim's Pride
PITTSBURG, TX., Jan. 27 -- Pilgrim's Pride Corporation (Pink Sheets: PGPDQ) today announced that the United States Bankruptcy Court for the Northern District of Texas has approved the Company's hiring of Don Jackson as president and chief executive officer.
As previously announced, Dr. Jackson had joined the company on an interim basis last month. Prior to accepting his position with Pilgrim's Pride, he served as president of Foster Farms' poultry division, a leading poultry producer on the West Coast.
Pilgrim's Pride filed voluntary Chapter 11 petitions on December 1, 2008. The Chapter 11 cases are being jointly administered under case number 08-45664. The Company's operations in Mexico and certain operations in the United States were not included in the filing and continue to operate as usual outside of the Chapter 11 process.
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The Florida Times-Union is reporting that Pilgrim's Pride is planning to lay off 505 of the 1,400 employees at its Live Oak plant in Florida.
Company spokesman Ray Atkinson, in addressing the layoff, is quoted as saying "What we're doing is eliminating the second shift."
The report goes on to say that the elimination of the second shift is part of the Pilgrim's Pride bankruptcy reorganization plan.
The advocate emailed Mr. Atkinson, asking if the company will take the same approach at the plant in Mt. Pleasant. His response follows:
The action in Live Oak, Fla., is part of our continuing efforts to reduce costs and operate more efficiently. We are always looking for ways to improve our efficiencies and reduce costs, but at this point we don't have any immediate plans for additional layoffs or closures.
See the complete story from the Florida Times-Union
here.
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Pilgrim's Pride is requesting a bankruptcy judge to let it keep fighting a circuit court ruling favoring chicken suppliers that poses a "staggering" threat to the company's viability.
In 2002, A group of Texas farmers sued the company, claiming the poultry processor had too much control over their contracts for growing broiler chickens.
Pilgrim's Pride, in it's defense, denied any wrongdoing, and said the growers had the burden to prove the arrangements had unduly damaged their profitability.
In July of this year, the 5th U.S. Circuit Court of Appeals ruled the growers didn't need to prove an "adverse effect on competition" to prevail in their lawsuit.
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After the resignation of Clint Rivers, the company announced Don Jackson, a longtime employee of rival Foster Farms, as River's successor.
PITTSBURG, Texas, Dec. 16 /PRNewswire-FirstCall/ -- Pilgrim's Pride Corporation today announced that its board of directors has named Don Jackson as its president and chief executive officer subject to approval of the United States Bankruptcy Court for the Northern District of Texas.
The board also appointed Lonnie Ken Pilgrim, its current chairman, as interim president until such time as Dr. Jackson's employment is approved by the bankruptcy court.
Dr. Jackson will join the company immediately on an interim basis. Prior to accepting his position with Pilgrim's Pride, he served as president of Foster Farms' poultry division, a leading poultry producer on the West Coast. He will assume the combined duties of Clint Rivers, the former president and chief executive officer, and Robert A. Wright, the former chief operating officer, both of whom resigned from the company today as part of its reorganization process under Chapter 11.
Dr. Jackson has been president of Foster Farms' poultry division, based in Livingston, California, since 2000. Prior to that, he served as executive vice president for foodservice of the former ConAgra Poultry Company in Duluth, Georgia. Before that he worked for 22 years for Seaboard Farms of Athens, Georgia, including four years as president and CEO of their poultry division. He received his bachelor of science degree from Arizona State University and his master's and Ph.D. degrees from Colorado State University.
"As Pilgrim's Pride begins the reorganization process, we believe the company and its stakeholders would be best served by a fresh perspective on the opportunities available to us through restructuring," said Lonnie "Bo" Pilgrim, senior chairman of Pilgrim's Pride. "Don Jackson is a proven leader with the essential skills and industry insight to position Pilgrim's Pride to emerge from Chapter 11 as a stronger, more efficient, and more focused company."
Mr. Pilgrim added: "Clint and Bob have both made tremendous contributions throughout their careers at Pilgrim's Pride, and we are grateful for their commitment and dedicated service during a very difficult time for our company and our industry. We wish both of them continued success in their careers."
As previously announced, the Company filed voluntary Chapter 11 petitions on December 1, 2008. The Chapter 11 cases are being jointly administered under case number 08-45664. The Company's operations in Mexico and certain operations in the United States were not included in the filing and continue to operate as usual outside of the Chapter 11 process.
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The company released a statement today confirming reports that it's lenders had extended the temporary default waiver until Monday.
The company's stocks surged .48 cents on the news, with shares closing the day at 1.02.
Company press release follows:
PITTSBURG, Texas, Nov. 26 /PRNewswire-FirstCall/ -- Pilgrim's Pride
Corporation (NYSE: PPC) today announced that it has reached an agreement with
its lenders to extend the temporary waiver under its credit facilities through
noon (CT) on December 1, 2008. Pilgrim's Pride continues to pursue
opportunities to refinance and recapitalize its business, and to position
itself to capitalize on its strategic advantages.
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Local poultry producer under intense credit presure, will cut jobs as part of a restructuring effort.
KLTV is reporting that Pilgrim's Pride will lay off more than 300 workers this month, some as early as this week.
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The company is pulling out all the stops to keep afloat, but some Wall Street analysts think it's just a matter of time.
Research firm CreditSights says credit extensions and loan grace periods only postpone the company's collapse.
"Although the temporary waiver provides Pilgrim's Pride with another 30 days of life, it appears to be more illusionary than substantive," the report said.
The company has been trying to stave off bankruptcy, negotiating loan extensions with it's creditors.
In a statement on Sep. 25th, it points to weak market demand for breast meat and losses on hedged feed grain positions as major contributors to it's current business woes.
We spoke with Ray Atkinson, Pilgrim's Director of Corporate Communications regarding the report. He said the company is working on a plan to avoid bankruptcy:
"We continue to believe that chapter 11 is not in anyone's interest"
With facilities across the southeastern US and Mexico, the company employs around 50,000 people. Mr. Atkinson didn't know how many of those employees were at the plant in Mount Pleasant. The company's published fact sheet can be found here.
Atkinson didn't directly comment on prospects for layoffs, saying instead the company's new plan would focus on increasing liquidity.
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