SPRINGDALE, Arkansas – Dick Bond, president and chief executive officer of Tyson Foods Inc., announced Monday he is leaving the company, effective immediately.

Leland Tollett, former chairman and CEO of the company, has agreed to return to the company as president and CEO on an interim basis until a permanent successor has been chosen.

“After seven years of helping lead or leading the world’s largest meat company, I have decided it is in both my best interest personally, and the best interest of the company for me to move on and pursue other interests,” Bond said. “I have a lot of both my time and personal finances invested in Tyson Foods, so I wish the company all the best for future success.”

Donnie Smith, a longtime Tyson executive, is being named senior group vice president of poultry and prepared foods, and will have overall responsibility for those divisions of the company.

Source: Tyson Foods Inc.