Smithfield changes strategy and executive team
This week, Smithfield Foods unveiled a management shakeup as the world’s largest pork processor and its new chief executive deal with the ripple effects of a pandemic-led drop in restaurant meat consumption and coronavirus infections among US workers. Demand for pork has dropped in the US market as the pandemic has reduced meat shipments to restaurants, cafeterias and other food-service outlets. In front of this situation, Smithfield' new CEO Dennis Organ, previously the company’s chief operating officer, decided to change the strategy along with part of the executive team.
The shake-up announced by the Smithfield Foods includes the retirements of the chief commodity hedging officer, two executives in the packaged meats division and a senior adviser to the CEO, after decades at the company. At the same time, Organ has installed new members in front positions. As a result, Russ Dokken was promoted to chief sales officer from executive vice president of US packaged meats.
Scott Saunders becomes chief supply chain officer after working as executive vice president of the company’s US supply chain and president of fresh pork. Joe Weber was promoted to chief commodity hedging officer from executive vice president of growth and emerging business.
"This team will carry our company forward and make Operational Excellence our standard", declared Dennis Organ in a statement. Smithfield last year said it was headed for record profits before the pandemic hit and spent more than $600 million on employee health and safety measures.
Higher feed prices have reduced profitability for Russian pig breeders and prices per kilo in liv...