EXHIBIT 10.34
RETIREMENT AGREEMENT
This Retirement Agreement (this "Agreement"), effective as of the
latest date signed below ("Effective Date"), is between Xxxxx Xxx Xxxxx,
including any executor, administrator, heir, assign, and anyone else acting by
or for him or on his behalf ("Xxx Xxxxx"), and Pilgrim's Pride Corporation,
including any agent, officer, director, employee, affiliate, parent,
subsidiary, division, successor or assign of Pilgrims Pride Corporation
("Pilgrim").
Xxx Xxxxx is the President, Chief Executive Officer, and Chief
Operating Officer of Pilgrim and is an at-will employee of Pilgrim. In
exchange for Xxx Xxxxx'x promises and representations made in this Agreement,
Pilgrim agrees to provide certain payments and benefits to Xxx Xxxxx, to which
Xxx Xxxxx is not otherwise entitled except as set forth in this Agreement.
Xxx Xxxxx and Pilgrim agree that this Agreement constitutes their
full and entire agreement and is intended completely, permanently and amicably
to terminate any and every legal claim, duty or obligation existing between
them as of the Effective Date of this Agreement, except as otherwise provided
in this Agreement. This Agreement can be modified only by a statement in
writing signed by both Xxx Xxxxx and Pilgrim.
In consideration of the promises and mutual agreements hereinafter
set forth, the adequacy and sufficiency which is hereby acknowledged by Xxx
Xxxxx and Pilgrim, Xxx Xxxxx and Pilgrim agree to the following terms:
I. STATUS OF EMPLOYMENT UNTIL MARCH 29, 2003.
1. Immediately upon the Effective Date, (a) Xxx Xxxxx shall retain only the
title of Chief Executive Officer and shall remain a Director of Pilgrim, and
in his capacity as an officer of Pilgrim shall have only those duties and
responsibilities as are specifically assigned to him by the Pilgrim Board of
Directors ("Board") and (b) the Board within its sole discretion may change
or terminate, at any time prior to March 29, 2003, and for any reason (1)
his title and position as an officer, or (2) any or all of his duties or
responsibilities as an officer or employee. Further, upon request by the
Board, Xxx Xxxxx shall resign his position as a Director of Pilgrim. From
the Effective Date until March 29, 2003, Xxx Xxxxx shall devote all of his
time and efforts to his duties for and the business of Pilgrim as are
assigned to him, and shall not undertake work or employment, whether as an
employee or independent contractor, for any other person or entity. Any
action by Pilgrim or the Board pursuant to this paragraph with respect to
Xxx Xxxxx shall not relieve Pilgrim of its other obligations and duties
under this Agreement.
2. From the Effective Date until March 29, 2003, Xxx Xxxxx will continue to
receive his current salary and benefits, but he shall not receive any Key
Bonus or incentive compensation.
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II. VOLUNTARY RETIREMENT AND TERMINATION
3. Xxx Xxxxx agrees to voluntary retire from Pilgrim as of March 29, 2003, and
he agrees that his employment with Pilgrim will permanently terminate at
that time.
4. Notwithstanding the above, Xxx Xxxxx shall become a contract consultant to
Pilgrim for a period of three years beginning March 29, 2003 and ending
March 29, 2006 (the "Consultancy"), and will perform such consulting duties
as may be directed by Pilgrim from time to time. Xxx Xxxxx'x Consultancy to
Pilgrim shall terminate on March 29, 2006 unless the Board exercises its
option to renew this Consultancy for any particular period of time, which
the Board may do at its sole discretion, but in no event may any such
renewals extend beyond March 29, 2008. Nothing herein shall prohibit Xxx
Xxxxx from acting as an employee for another person or entity during the
Consultancy.
5. During the period of his Consultancy, Xxx Xxxxx shall be paid $13,888.89
(Thirteen Thousand Eight Hundred and Eighty Eight Dollars and No Cents) per
month, with the first scheduled payment on or about April 29, 2003 (the
"Consultancy Payments"). Xxx Xxxxx shall be reimbursed, according to the
Pilgrim Expense Reimbursement Policy, for any expenses incurred in
performing his duties as a consultant. In the event that Xxx Xxxxx becomes
physically or mentally disabled or incapacitated such that he can not
perform the consulting duties assigned to him by Pilgrim for a continuous
period of 60 days, then Pilgrim's obligation to make payments for the
remainder of any such Consultancy shall terminate.
6. It is agreed and Xxx Xxxxx acknowledges that no withholding of taxes will be
made by Pilgrim with respect to the Consultancy Payments and the payment in
Section 7 below and that Xxx Xxxxx is solely responsible for paying any and
all taxes, including but not limited to all Social Security, self-
employment, federal income taxes, and any other applicable federal, state
and local taxes, including all penalties, interest and late payments, that
may apply to the Consultancy Payments and the payment in Section 7. Xxx
Xxxxx further agrees to indemnify and hold harmless Pilgrim from any and all
liability that may result in the event the Internal Revenue Service or any
other governmental authority or a court of competent jurisdiction may
characterize the Consultancy Payments or the payments in Section 7(A) and
(B) as taxable income or wages.
III. ADDITIONAL PAYMENTS AND BENEFITS ACCORDED TO XXX XXXXX
7. Pilgrim agrees to pay Xxx Xxxxx the sum of $1,300,000. (One Million Three
Hundred Thousand Dollars and No Cents) on the Effective Date. Xxx Xxxxx
acknowledges that he is not entitled to receive, and has no right or claim
to receive, this payment except as provided in this Agreement and in
consideration of his promises and representations made in this Agreement.
Xxx Xxxxx acknowledges that he must continue to comply with all
requirements and restrictions to which he is subject, whether
individually or in his capacity as Chief Executive Officer or as a
Director of Pilgrim, pursuant to applicable state and federal securities
laws.
8. Pilgrim will continue to provide Xxx Xxxxx with health insurance and life
insurance benefits until March 29, 2003. Upon Xxx Xxxxx'x retirement on
March 29, 2003, Xxx Xxxxx will be eligible for continued medical, dental,
and vision benefits through the Consolidated Omnibus Benefits Reconciliation
Act (COBRA), if Xxx Xxxxx makes a timely election and payment for such
benefits. Benefit continuation information through COBRA and an election
form will be sent to Xxx Xxxxx upon his qualification date.
9. In the event Xxx Xxxxx desires to sell his current home at 000 Xxxxxxxxx
Xxxxxx, Xxxxx Xxxxxxxx, Xxxxx, Xxx Xxxxx may request that Pilgrim purchase
such property by giving written notification to Pilgrim at the office of
Chief Financial Officer. Upon timely request, Pilgrim agrees to purchase
this home from Xxx Xxxxx for the cash sum of $625,000.00 (Six Hundred and
Twenty Five Thousand Dollars and No Cents), less usual and customary
seller's expenses (e.g. Title Policy, survey, documentary fees, filing fees
and pro-rated taxes), provided such written request is received by Pilgrim
within 12 months of the Effective Date. The parties agree to use reasonable
efforts to close any sale made pursuant to this paragraph within 45 days of
the date Pilgrim receives the written request, assuming no incurable defects
in title to the property.
00.Xx the event Xxx Xxxxx desires to sell his farm property located in Shelby
County, Texas, Xxx Xxxxx may request that Pilgrim purchase such property by
giving written notification to Pilgrim at the office of the Chief Financial
Officer. Upon timely request, Pilgrim agrees to purchase this property from
Xxx Xxxxx for the cash sum of $1,200,000.00 (One Million Two Hundred
Thousand Dollars and No Cents), less usual and customary seller's expenses
(e.g. Title Policy, survey, documentary fees, filing fees and pro-rated
taxes), provided that such written request is received by Pilgrim within 12
months of the Effective Date. The parties agree to make reasonable efforts
to close any sale made pursuant to this paragraph within 45 days of the date
Pilgrim receives the written request, assuming no incurable defects in title
to the property and assuming no material problems related to environmental
contamination on the property.
11.Pilgrim will reimburse Xxx Xxxxx for reasonable and customary moving
expenses, in the event that Xxx Xxxxx sells his home and relocates within
one year of the Effective Date. To qualify for reimbursement, all expenses
submitted for reimbursement must be supported by verifiable documentation,
such as receipts, invoices, or other documentation, and Xxx Xxxxx must
obtain and submit for approval in advance by Pilgrim a minimum of three
competitive bids for the cost of moving household and personal items.
#
IV. OBLIGATIONS TO PILGRIM
A. CONFIDENTIALITY AND NON-DISCLOSURE
12.Xxx Xxxxx agrees that Pilgrim owns or has rights to valuable, confidential,
and proprietary information and trade secrets. Xxx Xxxxx agrees that he
shall not disclose to any person or entity without express written
authorization of Pilgrim any proprietary or confidential information,
whether written or oral, received, gained or known by Xxx Xxxxx in the
course of his performance of services and work for Pilgrim, nor shall he
make use of any such confidential information on his own behalf or on behalf
of any other person or entity. Xxx Xxxxx also agrees to use all reasonable
safeguards to prevent the unauthorized disclosure of such proprietary or
confidential information. Xxx Xxxxx'x obligations of non-disclosure
pursuant to this Agreement are permanent and exist indefinitely. Pilgrim's
confidential and proprietary information shall not include information that
is in the public domain or becomes publicly available without breach of this
Agreement or any other obligation of confidentiality.
A. Such confidential or proprietary information of Pilgrim includes,
but is not limited to: all information or ideas in whatever form,
tangible or intangible (written, oral, photographic, electronic,
magnetic or otherwise), pertaining in any manner to the business of
Pilgrim, including, but not limited to, products, services,
systems, methods, designs, specifications, scientific or technical
knowledge or techniques, information concerning customers or
potential customers and their requirements, strategies,
negotiations of contracts, price lists, pricing policies, financial
information, marketing information, mailing lists, employee data,
supplier data, internal cost and profit information, legal
information, and all other materials or information relating to
Pilgrim's business.
13.Xxx Xxxxx agrees that the provisions of Section 12 are essential for the
protection of Pilgrim and that any breach or threatened breach would cause
immediate and irreparable damage to Pilgrim, for which Pilgrim would have no
adequate remedy at law. Accordingly, Xxx Xxxxx agrees that in the event of
any breach or threatened breach hereof, Pilgrim may, without limitation on
any other rights Pilgrim may have, obtain a temporary restraining order,
preliminary injunction, or other form of equitable relief to enforce the
provisions herein, and may do so prior to the commencement of any
arbitration proceeding provided for under this Agreement. Xxx Xxxxx agrees
that because of the uncertainty inherent in quantifying money damages for a
breach of the provisions of Section 12, and in the event of a breach,
Pilgrim may terminate Xxx Xxxxx'x Consultancy and recover from Xxx Xxxxx as
liquidated damages, in addition to its equitable remedy of injunction, an
amount equal to any monies due but not yet paid to Xxx Xxxxx under this
Agreement, specifically the weekly payments referenced in Section 5 of this
Agreement.
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B. CONTINUING ASSISTANCE TO PILGRIM AND INDEMNIFICATION
14.Xxx Xxxxx shall provide full assistance to and cooperation with Pilgrim in
connection with the product recall controversy and investigation currently
being conducted, and any other litigation or investigation on which the
Company requests his assistance, concerning alleged presence of Listeria at
Pilgrims' production facilities or any other matter. Such assistance and
cooperation shall include, but not be limited to, providing truthful
testimony on behalf of Pilgrim in connection with any civil, administrative,
or other legal proceeding which has or may be brought by or against Pilgrim.
15.Pilgrim agrees to indemnify and hold harmless Xxx Xxxxx if he is made a
party or threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal administrative
or investigative by reason of the fact that he served as an employee,
officer or director of Pilgrim or by his continued service under this
Agreement as an Officer or Director of Pilgrim, against expenses, attorneys
fees, judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with the action, suit or proceeding
if Xxx Xxxxx acted in good faith and in a manner in which he reasonably
believed to be in and not opposed to the best interest of Pilgrim.
V. MUTUAL RELEASE AND COVENANT NOT TO XXX
16.Xxx Xxxxx xxxxxxx, releases and waives all claims, liens, demands, causes of
action, obligations, damages and liabilities of any kind, known or unknown,
that Xxx Xxxxx ever had, now has or may hereafter claim to have against
Pilgrim or any of its agents, officers, directors, employees, affiliates,
assigns, parents, subsidiaries, divisions, successors or any other
representative acting for or on behalf of Pilgrim as of the Effective Date
of this Agreement, including, but not limited to, all claims arising out of
or from his employment with or termination from Pilgrim, all claims of
unlawful discrimination, harassment or retaliation under state, local or
federal law (including but not limited to, the Texas Workers Compensation
Act, Age Discrimination in Employment Act, Older Workers' Benefit Protection
Act, Title VII of the Civil Rights Act of 1964, as amended, Texas Commission
on Human Rights Act, Civil Rights Act of 1991, and Americans with
Disabilities Act); any claim for unpaid wages, bonuses, expense
reimbursements, vacation, profit sharing pay-out, stock options, or employee
benefits; any rights or causes of action that Xxx Xxxxx has as a shareholder
of Pilgrim; all claims for any violation of any other federal, state or
local statute, ordinance or regulation, or the Constitution of the United
States or the State of Texas; any claims of personal injury or contract
breach; any and every other claim arising under the common law of the State
of Texas or any other jurisdiction; and all claims for attorneys' fees. Xxx
Xxxxx further covenants not to xxx Xxxxxxx for any claim or cause of action
arising out of his employment, any change in his title or duties as an
officer of Pilgrim, or the
termination of his employment. Nothing herein shall be construed as (1)
releasing Pilgrim from its obligations in this Agreement or its obligations
to perform this Agreement, or (2) waiving any right of Xxx Xxxxx to enforce
the performance of, or seek redress for any breach of, this Agreement
17.Pilgrim hereby settles, releases, and waives all claims, liens, demands,
causes of action, obligations, damages and liabilities of any kind, known or
unknown, that Pilgrim ever had, now has or may hereafter claim to have
against Xxx Xxxxx or any of his agents, officers, directors, employees,
affiliates, assigns, successors or any other representative acting for or on
behalf of Xxx Xxxxx as of the Effective Date of this Agreement, including
but not limited to any claims arising out of his employment with Pilgrim or
separation from Pilgrim, any claims under any employment or other agreement
executed by Xxx Xxxxx and Pilgrim, all claims for any violation of any other
federal, state or local statute, ordinance or regulation, or the
Constitution of the United States or the State of Texas; any claims of
personal injury or contract breach; and all claims for attorneys' fees. and
any and every other claim arising under the common law of the State of Texas
or any other jurisdiction. Nothing herein shall be construed as (1)
releasing Xxx Xxxxx from his obligations in this Agreement or his
obligations to perform this Agreement, or (2) waiving any right of Pilgrim
to enforce the performance of, or seek redress for any breach of, this
Agreement .
VI. MISCELLANEOUS PROVISIONS
18.This Agreement contains all the promises and understandings of the parties
and supersedes any prior agreements or previous communications (whether oral
or written) between Pilgrim and Xxx Xxxxx. There are no other agreements or
understandings besides this Agreement, and Xxx Xxxxx and Pilgrim
specifically disclaim any reliance on any promises, statements or
understandings that are not specifically set forth in this Agreement.
19.Neither Xxx Xxxxx nor Pilgrim shall disclose to any person the facts
surrounding this Agreement, or any of the terms of this Agreement. The only
exceptions to this confidentiality provision are that the parties may
disclose the fact of this Agreement or its terms to their respective
attorneys, and Pilgrim may make such disclosure of this Agreement or its
terms as it deems necessary in SEC filings, earnings releases or other
filings or statements made pursuant to applicable securities laws. In
addition, either party or its attorneys may make such disclosure as is
necessary to their respective tax attorneys, accountants, or advisors for
the purposes of taking tax positions and preparing tax returns.
20.Xxx Xxxxx and Pilgrim agree that they and their agents will respond to any
inquiry concerning the terms or existence of this Agreement only by
reference to the press releases attached hereto as Exhibit "A" "B" and "C".
Xxx Xxxxx and Pilgrim agree that no other public statement or press release
shall be given or issued by either of them without advance agreement in
writing by both parties, except that Pilgrim may disclose this Agreement or
its terms as it deems necessary in SEC filings, earnings releases or other
filings or statements made pursuant to applicable securities laws.
21.Xxx Xxxxx and Pilgrim agree that they will not make any written or verbal
statements, cause, participate, or encourage others to make any written or
verbal statements, that either publicly or privately defame, disparage, or
in any way publicly criticize or call into question the personal or business
reputation, practices, or conduct of Xxx Xxxxx or Pilgrim.
22.Pilgrim and Xxx Xxxxx acknowledge that the consideration given by the other
pursuant to this Agreement is adequate and sufficient to make their
respective obligations under this Agreement final and binding.
23.Pilgrim and Xxx Xxxxx acknowledge that neither is relying upon any
representations of the other or the other's attorneys but instead is relying
upon his or its own evaluation of the facts. Xxx Xxxxx acknowledges and
agrees that, in deciding to execute this Agreement, Xxx Xxxxx has relied
entirely upon his own judgment, and advice of an attorney of his own
choosing, that he has read this Agreement, and that he has executed this
Agreement voluntarily and with full understanding of its terms and effects.
With respect to Xxx Xxxxx'x release and waiver of claims under the Federal
Age Discrimination in Employment Act ("ADEA), Xxx Xxxxx acknowledges that he
has been given twenty one days to consider the release and waiver of such
claims, and that he may revoke his consent to such waiver and release of
claims by notifying Pilgrim in writing within seven days of the date Xxx
Xxxxx signs this Agreement. Should Xxx Xxxxx exercise his right to revoke
his consent to the waiver and release of claims under the ADEA, then Xxx
Xxxxx shall not receive, and Pilgrim shall be relieved of its obligation to
pay or provide, any of the compensation or benefits listed in paragraphs 5,
9, 10, and 11, but Xxx Xxxxx'x promises, obligations and duties under this
Agreement shall continue in full force and effect.
24.The provisions of this Agreement are severable. If a court of competent
jurisdiction rules that any provision of this Agreement is invalid or
unenforceable, such a ruling will not affect the validity or enforceability
of any other provision of this Agreement, and the Agreement shall be deemed
to be modified and amended so as to be enforceable to the extent permitted
by the law.
25.This Agreement shall be governed by and construed in accordance with the
laws of the State of Texas, the principles of conflict of laws
notwithstanding. Venue for enforcement of this Agreement shall be in Camp
County, Texas.
26.Xxx Xxxxx hereby agrees that any and all claims, disputes or controversies
between Xxx Xxxxx and Pilgrim relating to his employment with Pilgrim,
termination thereof, this Agreement, and the parties obligations to perform
as provided in this Agreement shall be resolved by final binding arbitration
in accordance with the rules of the American Arbitration Association.
Judgment upon the award rendered by the arbitrator or arbitrators may be
entered in any court having jurisdiction thereof. The Arbitrator shall be
selected from a panel provided by the American Arbitration Association.
Venue for any such arbitration proceeding shall be in Dallas County, Texas
or such other place as may be mutually agreed upon by Xxx Xxxxx and Pilgrim.
XXX XXXXX UNDERSTANDS AND AGREES THAT HIS SIGNATURE TO THIS AGREEMENT
CONSTITUTES A WAIVER OF HIS RIGHT TO A TRIAL BY JURY OF ANY MATTERS
SUBJECT TO ARBITRATION UNDER THIS AGREEMENT.
27.All statements in this Agreement are contractual and not mere recitals.
28.This Agreement may be signed in multiple originals, each of which shall have
full force and effect.
SIGNED on the dates indicated below.
Pilgrim's Pride Corporation
By: _________________________
Date: _________________________
__________________________
Xxxxx Xxx Xxxxx
Date: __________________________
#
EXHIBIT A
FOR IMMEDIATE RELEASE
Contact:
Xxxx Xxxxxxx
Chief Financial Officer, Pilgrim's Pride
(000) 000-0000
PILGRIM'S PRIDE ANNOUNCES THE PENDING RETIREMENT OF
XXXXX XXX XXXXX, CHIEF EXECUTIVE OFFICER,
AND PROMOTION OF X.X. XXXXXXX TO PRESIDENT AND
CHIEF OPERATING OFFICER
PITTSBURG, TX - November 11, 2002 - Pilgrim's Pride Corporation (NYSE:CHX)
announced today the pending retirement of Xxxxx Xxx Xxxxx, Chief Executive
Officer
and the promotion of X.X. Xxxxxxx, currently executive vice president of
prepared food
operations, to president and chief operating officer of Pilgrim's Pride.
The leadership at Pilgrim's Pride expressed its gratitude to Xxx Xxxxx
for his
many years of dedicated service to the company, and, in particular, its
appreciation of his
experience, judgment and leadership in addressing the opportunities and
challenges the
company has faced. Xxx Xxxxx will take an active role in the transition of
responsibility
in the next several months and will serve the company as a consultant following
his
retirement. No successor has yet been named for the position of chief executive
officer.
"My 14 years at the company have been extremely fulfilling, and as I
prepare to
make changes in my own life, I will continue to work hard to make sure
Pilgrim's Pride
is in a position to grow and succeed," said Xxx Xxxxx. "I look forward to
assisting the
company to ensure a smooth and orderly transition to new management."
In his new role, Xxxxxxx will report to Xxx Xxxxx, who will continue in
his
position as chief executive officer and as a director of the company, until his
retirement,
which will occur on March 29, 2003.
"With more than 20 years of experience at Pilgrim's Pride, Xx. Xxxxxxx
brings
with him a wealth of knowledge and experience," said Xx Xxxxxxx, founder and
chairman
of the board of Pilgrim's Pride. "We are confident that this broad range of
experience, in
addition to O.B.'s longstanding dedication to the company, will enable him not
only to
maintain, but to enhance the reputation of Pilgrim's Pride as a world class
organization."
"I am very proud to have been selected to serve in this role," Xxxxxxx
said.
"Pilgrim's Pride is a company filled with excellent people and I look forward
to serving
our customers and consumers with continued commitment to quality, service and
integrity."
Pilgrim's Pride Corporation is the second largest poultry producer in the
United
States -- the third largest in chicken and fifth largest in turkey -- and is
the second largest
chicken company in Mexico. Pilgrim's Pride employs more than 24,500 persons and
operates processing and further processing plants, distribution centers,
hatcheries and
feed xxxxx in Texas, Arkansas, Arizona, North Carolina, Pennsylvania, Virginia,
West
Virginia and Mexico.
Products are sold to foodservice, retail and frozen entr{e'}e customers.
The
Company's primary distribution is through retailers and restaurants throughout
the United
States and in the Northern and Central regions of Mexico and to the foodservice
industry
nation-wide in both countries.
# # #
EXHIBIT B
Message from Xxxx Xxxxxx, Executive Vice President, Sales and Marketing
In the event we were unable to reach you directly by phone, we would like to
take this opportunity to share with you news regarding changes in our senior
management. The pending retirement of Xxxxx Xxx Xxxxx has been announced, as
well as the promotion of X.X. Xxxxxxx, current executive vice president of
Prepared Foods Operations, to president and COO of Pilgrim's Pride.
On March 29, 2003, Xxxxx will end his 14-year tenure with Pilgrim's Pride as
CEO, COO, president and director, and begin his new role as a consultant for
the company. He will continue to serve as CEO and director of the company
until his retirement.
After joining the Pilgrim's Pride family in 1988 as senior vice president,
Texas Processing, Xxxxx went on to serve as senior vice president, director
general and eventually president of Mexico Operations. He has served in his
current role since 1998.
We are pleased to announce O.B.'s promotion to president and COO. He brings
with him a wealth of knowledge and experience gained during more than 20 years
with Pilgrim's Pride including serving as vice president, Prepared Foods
Operations (1986-92); senior vice president, Prepared Foods Operations (1992-
98) and executive vice president, Prepared Foods Operations (since 1998). In
addition to this, O.B. spent 13 years (1969-81) in various sales, distribution
and plant operations positions throughout the company.
We are confident that O.B.'s broad range of experience, in addition to his
longstanding dedication to the company, will enable him and his team members
not only to maintain, but to enhance, Pilgrim's Pride's reputation as a world
class food company.
O.B. will continue to report to Xxxxx in the interim until a new CEO is named.
A press release regarding these developments has been issued and is available
on the Pilgrim's Pride website at xxx.xxxxxxxxxxxxx.xxx. We will continue to
share additional information with you in the coming days.
In the meantime, we'd like to extend our gratitude to our valued customers and
thank you for your continued support over the past several weeks. We look
forward to continuing to provide you with the same quality, service and
products you have come to expect from Pilgrim's Pride.
If you have any questions, please do not hesitate to contact your sales
representative.
Best regards,
Xxxx Xxxxxx
#
EXHIBIT C
> -----Original Message-----
> From: Xxxx Xxxxxxxxxx
> Sent:Monday, November 11, 2002 8:19 PM
> To: _All E-Mail Users
> Subject: Message from Xx Xxxxxxx, Chairman
>
>
> I would like to take this opportunity to share with you news regarding
> changes in our senior management. This evening, Pilgrim's Pride announced
> the pending retirement of Xxxxx Xxx Xxxxx, Chief Executive Officer and the
> promotion of X. X. Xxxxxxx, currently executive vice president of prepared
> food operations, to president and chief operating officer of Pilgrim's
> Pride.
>
> On March 29, 2003, Xxxxx will end his 14-year tenure with Pilgrim's Pride
> as CEO, COO, president and director, and begin his new role as a
> consultant for the company. He will continue to serve as CEO and director
> of the company until his retirement.
>
> After joining the Pilgrim's Pride family in 1988 as senior vice president,
> Texas Processing, Xxxxx went on to serve as senior vice president,
> director general and eventually president of Mexico Operations. He has
> served in his current role since 1998.
>
> We are pleased to announce O.B.'s promotion to president and COO. He
> brings with him a wealth of knowledge and experience gained during more
> than 20 years with Pilgrim's Pride including serving as vice president,
> Prepared Foods Operations (1986-92); senior vice president, Prepared Foods
> Operations (1992-98) and executive vice president, Prepared Foods
> Operations (since 1998). In addition to this, O.B. spent 13 years
> (1969-81) in various sales, distribution and plant operations positions
> throughout the company.
>
> We are confident that O.B.'s broad range of experience, in addition to his
> longstanding dedication to the company, will enable him and his team
> members not only to maintain, but to enhance, Pilgrim's Pride's reputation
> as a world class food company.
>
> This evening's press release is attached below. We will be sharing
> additional information with you in the coming days.
>
> In the meantime, we'd like to once again extend our gratitude to our
> Partners and thank you for your continued support. Your hard work and
> dedication are greatly appreciated. I pray that God will continue to bless
us.
#
