Tyson Foods' CEO resigns effective immediately

SPRINGDALE, Ark. - Tyson Foods says its president and chief executive, Dick Bond, is stepping down immediately and will be replaced on an interim basis by former chairman and CEO Leland Tollett.

Tyson, the world's largest meat processing company which has several plants in northeast Georgia, said Bond announced his decision on Monday. In a statement, Bond said the decision was in his own personal best interest and best for the company.

Tyson and other meat producers have been squeezed by volatile commodity prices, weak demand and an oversupply of meat on the market. Last month, Tyson signed an agreement with its creditors that puts up just about the entire company as collateral for its loans.

Also Monday, Tyson named Donnie Smith as senior group vice president of poultry and prepared foods.