Former Pilgrim's Pride c.e.o. and c.o.o. to consult
March 12, 2009
by FoodBusinessNews.net Staff
PITTSBURG, TEXAS — The U.S. Bankruptcy Court for the Northern District of Texas has approved agreements that will allow J. Clinton Rivers, former chief executive officer and president of Pilgrim’s Pride Corp., and Robert A. Wright, former chief operating officer, to consult for the company. Mr. Rivers resigned his posts shortly after Pilgrim’s Pride filed for bankruptcy protection in December 2008.
Under terms of the agreement, Pilgrim’s Pride will pay Mr. Rivers $83,500 a month for a consulting term of four months, while Mr. Wright will be paid $50,000 a month for a three-month term.
Additionally, both Mr. Rivers and Mr. Wright will receive severance payments of $143,242.
In late January, the bankruptcy court approved the appointment of Don Jackson, a former president of the poultry division of Foster Farms, to take over as president and c.e.o. of Pilgrim’s Pride.
Separately, Pilgrim’s Pride Corp. said it has rejected an offer to buy its Farmerville, La., processing plant that is scheduled to close. According to the Louisiana Department of Agriculture & Forestry, Livingston, Calif.-based Foster Farms has offered $40 million to purchase the plant, but Pilgrim’s Pride has indicated that any sale would have to be for far more than $40 million. Pilgrim’s Pride announced its intent to close the facility on Feb. 27.