September 24, 2020

Pilgrim's Pride chief financial officer to replace CEO

Fabio Sandri, Pilgrim's Pride chief financial officer will replace outgoing CEO Jayson Penn at the poultry processing company, Reuters reported.

Penn began a paid leave of absence in June. He was accused of price fixing chicken with other major industry executives earlier this year.

The company's board of directors appointed Sandri as CEO and interim president. Pilgrim's Pride is majority owned by Brazil-based meatpacker JBS SA.

The accusation towards Penn and three other industry executives are the first criminal investigation involving price fixing and bid rigging among broiler birds.

Pilgrim's Pride is currently scouting for a new CFO. Sandri was CFO of Pilgrim's Pride since June 2011, and also held top roles in other Brazilian companies Estacio Participações and Imbra SA.

-      Reuters