June 19, 2006

 

Pope steps up to be new CEO of Smithfield

 

 

Joseph Luter III, 67, would be stepping down as CEO of Smithfield Foods Inc after serving for 31 years as chairman and CEO of the company while Larry Pope would become the new CEO of Smithfield Foods Inc come Sep 1, Smithfield announced.

 

Pope, 51 is currently president and chief operating officer.

 

Joseph W. Luter III would remain as non-executive chairman. He would continue to focus on acquisitions and long-term strategic development, the two areas where he believes he can make the greatest contribution to Smithfield.

 

Luter said it is gratifying to see how far Smithfield Foods had come over the past 31 years, noting the company has grown from a humble enterprise into one of the largest and most well- respected food companies in the world.

 

Luter said he was leaving the company in good hands, adding that Pope has worked with him for the last 25 years to build Smithfield for the long term,

 

Luter strongly endorsed Pope, saying he has played a vital role in the integration of the company's many acquisitions and there could not be a more seamless transition to solidify Smithfield's future.

 

After four years with an accounting firm, Pope joined Smithfield Foods in 1980 as controller.

 

Pope became vice president, finance, in 1999, and was named chief financial officer in 2000.

 

The board elected him president and chief operating officer in 2001.

 

Pope said he had big shoes to fill as Luter is the most respected man in the meat industry.

 

However, Pope added he had the benefit of having many years of experience working closely with him, and look forward to continuing in that relationship as he remains chairman.

 

Luter became chief executive of Smithfield in 1975 when the company was having trouble keeping its head above water, with sales of US$115 million, debt of US$20 million, and net worth of less than US$1 million.

 

Smithfield recently reported fiscal 2006 sales of US$11.4 billion and is the largest pork processor and hog producer in the world. Additionally, the company is the fifth-largest beef processor and the largest cattle producer through a joint venture.

 

Under Luter's leadership, Smithfield grew primarily through acquisitions, acquiring 53 companies in the last 25 years.