Swift & Company has announced that John N. Simons, its president and chief executive officer and a member of the company's board of directors, has indicated his intention to resign his positions with the company.

Dennis Henley, president of the company's North American Red Meat division, and Danny Herron, executive vice president and chief financial officer, will serve as co-CEOs on an interim basis while a search is conducted for Simons' permanent replacement.

"John has provided strong leadership to Swift & Company and has seen it through dramatic changes," said George N. Gillett Jr., chairman of the board of directors of Swift & Company. "Under his direction, Swift has grown and progressed into a much stronger organization during his tenure as CEO."

"John's guidance was critical during the company's emergence as an independent organization after its separation from ConAgra Foods in 2002," said John R. Muse, a member of the Swift board of directors and chairman of the board of Hicks, Muse, Tate & Furst Incorporated, the majority owner of Swift. "Largely because of his efforts, Swift today is a company in a very solid financial condition and with a skilled and successful management team. We wish John well in his future endeavors."

Source: Company Release