Smithfield CEO sells shares to meet financial obligations

02-10-2009 | |

Smithfield Foods President and Chief Executive Officer, C. Larry Pope, sold 100,000 shares of Smithfield Foods common stock to meet personal financial obligations. Prior to the sale, Mr. Pope owned 322,000 shares of Smithfield Foods common stock directly, as well as stock options to purchase 670,000 additional shares.

As executives are paid for performance and bonuses were not taken last year, this share sale is purely to fulfill personal commitments. Mr. Pope does not intend to sell any additional shares at this time.

Mr. Pope reiterated his enthusiasm about the future of Smithfield Foods. “Smithfield’s packaged meats business is performing at record levels and profitability is already benefiting from the restructuring plan. In addition, hog production results will improve as herd reductions accelerate and supply is reduced. We continue to position the overall business for much stronger earnings and I am very optimistic about the potential earnings power of this company,” said Mr. Pope.

With sales of $12 billion, Smithfield Foods is the leading processor and marketer of fresh pork and packaged meats in the United States, as well as the largest producer of hogs.

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