President and chief executive officer of Tyson Foods, Dick Bond, announced on Monday (Jan 6) that he is leaving the company with immediate effect.

Bond joined Tyson when the company bought beef giant IBP Inc. in 2001 and has served as CEO since 2006.

Leland Tollett, former chairman and CEO of the company, has agreed to return to the company as President and CEO on an interim basis until a permanent successor has been chosen.

Additionally, Donnie Smith, a long time Tyson executive, is being named senior group vice president of Poultry and Prepared Foods, and will have overall responsibility for those divisions of the company.

Tyson's shares were recently down 3.2 percent at US$9.05.

Tyson Foods, Inc., founded in 1935 with headquarters in Springdale, Arkansas, is the world's largest processor and marketer of chicken, beef and pork. The company produces a wide variety of protein-based and prepared food products and services for customers throughout the US and in more than 90 countries.