September 8, 2006

Smithfield appoints ex-PSF president as executive vice-president      

Two months after stepping down from his post in July as president and chief operating officer of Premium Standard Farms, Robert (Bo) Manly has been hired by Smithfield Foods, where he had worked for a decade previously as its executive vice-president.

John Meyer, president and chief executive officer with PSF, said the performance and operation of the company was not a factor in Manly's departure from the company.

PSF reported a 50 percent drop in profits last quarter, falling to US$7.6 million from US$15.4 million a year ago.

Sales fell nearly 16 percent the first quarter of fiscal 2007, from US$245.3 million a year ago to US$206.2 million presently. Many of the US's biggest food processors suffered losses due to the challenging conditions in the first two quarters of the year. 

Manly is now listed as one of Smithfield's corporate officers on the company website, which noted that he had been vice-president of Smithfield Foods, Inc for a decade before joining PSF in 1996.