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Smithfield Foods CEO steps down, veteran exec takes over

Stock MarketsJul 09, 2021 04:16PM ET
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© Reuters. FILE PHOTO: Workers walk out of Smithfield Foods pork plant as the spread of the coronavirus disease (COVID-19) continues, in Sioux Falls, South Dakota, U.S., April 16, 2020. REUTERS/Shannon Stapleton/File Photo

(Reuters) - Smithfield Foods, the world's largest pork processor, said on Friday Chief Executive Officer Dennis Organ is stepping down for personal reasons less than a year after taking the helm.

It has appointed 18-year company veteran Shane Smith to the top role, in the second high-profile CEO change in recent weeks at a major U.S. meat company after Tyson Foods Inc (NYSE:TSN) named a new chief last month.

The Smithfield, Virginia-based company, owned by Hong Kong's WH Group (OTC:WHGLY) Ltd, in January unveiled a management shakeup that saw several executives retire.

The U.S. meat industry came under the microscope during the COVID-19 pandemic as workers got sick and slaughterhouse shutdowns highlighted supply-chain vulnerabilities.

A North Carolina native, Smith joined Smithfield as a financial analyst in 2003. He was most recently its chief strategy officer, overseeing the company's efforts to boost sales through its own resources as well as mergers and acquisitions.

Smithfield Foods CEO steps down, veteran exec takes over
 

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