Tyson Foods CEO leaving the job

SPRINGDALE, ARK. -- Tyson Foods announced Monday that its president and chief executive, Dick Bond, would step down immediately as the world's largest meat processor continues to weather a downturn in the industry.

Bond, who had been CEO since 2006, will be replaced on an interim basis by former chairman and chief executive Leland Tollett, according to a news release from the Springdale, Ark., company. Tollett was CEO from 1995 until he retired in 1998 after nearly 40 years with the company.

The appointment shows that as the beleaguered meat company navigates an industry plagued by volatile commodity costs and an oversupply of meat that is exacerbating already-weak chicken prices, Tyson doesn't plan to experiment, said analyst Chris Bledsoe of Barclay's Capital.

"He's not a spring chicken," Bledsoe said of Tollett, 71. "I think it was a prudent thing to bring in someone with this kind of operating experience."

Tyson Foods has done noninvestment banking business with Barclays in the last 12 months.

Tollett is likely to push forward Tyson's recent efforts to shutter unprofitable plants and cut costs in meat production, Bledsoe said.