Pilgrim’s Pride appoints two independent directors

GREELEY, CO – Pilgrim’s Pride Corporation (NASDAQ:PPC), a leading poultry processing company with a market capitalization of $12.1 billion, announced the appointment of two new independent directors to its board, as disclosed in a recent SEC filing.

On Monday, the company stated that Joanita Karoleski and Mr. Menon have been appointed as JBS Directors, effective February 4, 2025. According to InvestingPro data, the company maintains a GREAT financial health score and has delivered an impressive 87% return to shareholders over the past year.

Ms. Karoleski returns to the board after having previously served from 2022 to early 2024, while Mr. Menon has been a member since 2021. These appointments align with the amended corporate governance requirements following stockholder approval in December 2024, which dictate the composition of the board regarding the number of directors and specifically, JBS Directors. The company’s strong governance practices complement its solid financial position, with InvestingPro analysis showing liquid assets exceeding short-term obligations and a moderate debt level.

Both appointees meet the independence criteria under the Nasdaq Stock Market and the Securities Exchange Act, ensuring that they do not have any special arrangements with Pilgrim’s Pride nor are involved in any transactions that would require additional disclosure. As non-employee directors, Karoleski and Menon will be compensated according to the company’s established program, details of which were filed in April 2024.

The company’s decision to reinforce its board with independent directors reflects its commitment to strong corporate governance practices. Pilgrim’s Pride, headquartered in Greeley, Colorado, operates under the broader organizational umbrella of JBS, with a focus on poultry slaughtering and processing.

The information is based on a press release statement filed with the SEC. The new board members are not expected to serve on any committees. This strategic move comes as Pilgrim’s Pride continues to navigate the competitive landscape of the poultry industry.

In other recent news, significant changes to the corporate structure of Pilgrim’s Pride Corporation have been announced. The changes, including the adoption of amendments to its Amended and Restated Certificate of Incorporation and Bylaws, as well as the establishment of a Tax Sharing Agreement with JBS USA Food Company Holdings, were approved by stockholders. The restructuring aligns with Pilgrim’s Pride’s strategic objectives and is aimed at optimizing its financial and operational processes.

The Tax Sharing Agreement, effective for tax years beginning on or after a recent date, outlines the responsibilities for U.S. income tax liabilities and assets between Pilgrim’s Pride and its subsidiaries and JBS USA and its subsidiaries. This agreement is expected to provide a clear framework for the allocation of tax liabilities and benefits within the corporate family, potentially leading to more efficient tax management.

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