SPRINGDALE, Ark. -- Dick Bond, president and CEO of Tyson Foods Inc., announced today he is leaving the company, effective immediately.



Leland Tollett, former chairman and CEO of the company, has agreed to return to the company as president and CEO on an interim basis until a permanent successor has been chosen.



"After seven years of helping lead or leading the world's largest meat company, I have decided it is in both my best interest personally, and the best interest of the company for me to move on and pursue other interests," Bond said. "I have a lot of both my time and personal finances invested in Tyson Foods, so I wish the company all the best for future success."



Additionally, Donnie Smith, longtime Tyson executive, is being named senior group vice president of Poultry and Prepared Foods, and will have overall responsibility for those divisions of the company.



Tyson Foods Inc., founded in 1935 with headquarters in Springdale, Ark., is the world's largest processor and marketer of chicken, beef and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500. Tyson provides products and service to customers throughout the United States and more than 90 countries. The company has approximately 107,000 Team Members employed at more than 300 facilities and offices in the United States and around the world.



SOURCE: Tyson Foods.