Pilgrim’s Pride fires embattled former CEO Jayson Penn

GREELEY — Pilgrim’s Pride Corp. (Nasdaq: PPC) has fired former CEO Jayson Penn as he continues to prepare for trial in a federal price-fixing investigation. In a U.S. Securities and Exchange Commission filing Wednesday morning, the Greeley-based Pilgrim’s said it promoted Fabio Sandri to the full-time CEO position and named him president. He was formerly the company’s chief financial officer, but began serving as interim CEO in mid-June when Penn was given a leave of absence to focus on his defense. Penn was no longer with the company effective on Tuesday, the filing reads. It’s unclear why Penn has been removed from the company now. A spokesman for the company did not immediately respond to a request for comment. Penn and three other chicken industry executives were indicted by a federal grand jury in June amid a broader U.S. Department of Justice investigation into alleged anti-competitive actions within the sector. Similar lawsuits have been made against Pilgrim’s and other major chicken packing companies in recent weeks, including by Post Holdings Inc. (NYSE: POST) and a chicken-farming operation in Texas that seeks class action status. Penn pleaded not guilty. His trial is set for Feb. 16 in Denver. © 2020 BizWest Media LLC
Source: BizWest

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