Pilgrim’s Pride Corp. said Sunday that Jayson Penn, its president and CEO, is taking a leave of absence to focus on his defense in a price fixing indictment.
Penn is one of four current and former executives at chicken companies who were indicted earlier this month on charges of price fixing.
A federal grand jury in Colorado found that executives from Greeley, Colorado-based Pilgrim’s Pride and Claxton, Georgia-based Claxton Poultry Farms conspired to fix prices and rig bids for broiler chickens from at least 2012 to 2017.
Penn has pleaded not guilty. The company said Sunday that his leave will begin immediately and that Fabio Sandri, Pilgrim’s CFO, has been appointed as interim president and CEO.
The charges come amid questions about the high price of meat during the coronavirus pandemic.
Before you consider Pilgrim's Pride, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pilgrim's Pride wasn't on the list.
While Pilgrim's Pride currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Market downturns give many investors pause, and for good reason. Wondering how to offset this risk? Enter your email address to learn more about using beta to protect your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
