Smithfield Foods, Inc. has announced that Paul Fribourg advised the company that he is resigning as a member of the company's Board of Directors because he does not support the company's previously announced US$250 million equity offering.

Fribourg is the Chairman, President and Chief Executive Officer of Continental Grain Company, the beneficial owner of approximately 8.8 percent of the company's common stock.

Fribourg advised the company that he did not believe that an offering of this magnitude was necessary at this time, given his confidence in the future performance of the company and the attendant dilution to all shareholders.

Michael Zimmerman, Executive Vice President and Chief Financial Officer of Continental Grain Company, also submitted his resignation as an Advisory Director.

Smithfield Foods is the world's largest pork processor and hog producer, with revenues exceeding US$12 billion in fiscal 2009.