UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
report (Date of earliest event reported): November 4,
2008
PILGRIM'S
PRIDE CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
Delaware 1-9273 75-1285071
(State or Other
Jurisdiction (Commission (IRS
Employer
of
Incorporation)
File
Number) Identification
No.)
4845 US Highway 271
N.
Pittsburg,
Texas 75686-0093
(Address of
Principal Executive
Offices) (ZIP
Code)
Registrant's
telephone number, including area code: (903) 434-1000
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
q Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
q Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
q
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
q
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
November 7, 2008, the Board of
Directors of Pilgrim's Pride Corporation (the "Company") appointed William K.
Snyder as Chief Restructuring Officer of the Company. As Chief
Restructuring Officer, Mr. Snyder will assist the Company in capitalizing
on cost reduction initiatives, developing restructuring plans and exploring
opportunities to improve its long-term liquidity. He will report to
the Board of Directors of the Company or a committee of the Board.
Mr. Snyder, 49, has served as a Managing Partner of CRG
Partners Group, LLC
("CRG"), a provider of
corporate turnaround and restructuring services, since 2001. Mr. Snyder will continue to be employed by CRG and will
perform service as Chief
Restructuring Officer of
the Company through CRG. As a result, Mr. Snyder will not receive any
compensation directly from the Company and will not participate in any of the
Company's employee benefits plans. The Company will instead
compensate CRG for Mr. Snyder's services at a rate of $550 per
hour.
Mr. Snyder has extensive
experience in managing and restructuring companies in distressed circumstances.
In connection with his position as
Managing Partner of CRG, Mr. Snyder has served as court-appointed examiner of
Mirant Corp., an energy company, Corporate Responsible Partner of Furrs
Restaurant Group Inc., a chain of cafeterias, Chief Financial Officer of Reliant
Building Products Inc., a building products manufacturer, and as a senior
executive officer of a number of private companies. Previously, Mr. Snyder was
president of his own financial consulting company, The Snyder Company, where he
managed family investments that included operating companies, limited
partnerships and securities.
Item
5.04. Suspension of Trading Under Registrant's Employee Benefit
Plans.
On
November 4, 2008, the Company sent a notice to employees advising them that
any matching contributions to the
Pilgrim's Pride Retirement Savings Plan (the "Plan") that employees had previously elected to be
invested in Company
common stock will be
automatically invested in the Plan's default investment option unless a
Company
employee elects a different
investment. A
similar notice was sent to the Company’s directors and executive officers on
November 10, 2008 as a precautionary measure. Company employees
are still able to sell
Company common
stock previously credited
to their Plan accounts and reinvest the sales proceeds in the other investment
options offered under the Plan at their discretion. While the change was made, in part, due
to the recent volatility of the stock price, the suspension will be
permanent. Because the suspension will be permanent, it will have no
effect or any other restriction on the ability of directors and executive
officers to directly or indirectly acquire, dispose of or transfer any equity
securities of the Company, although all such persons are subject to the
restrictions on trading in Company securities under the Company's insider
trading policy. The notices to employees, directors and executive
officers designated the Employee Benefits Department, at the address and
telephone number contained in the notices, as the contact for inquiries about
the matters covered by the notices.
Item
7.01. Regulation FD Disclosure.
On
November 10, 2008, the Company issued a press release announcing the appointment
of Mr. Snyder as Chief
Restructuring Officer. A copy of the press release is
furnished pursuant to Regulation FD as Exhibit 99.1 to this report.
The
information contained in Item 7.01 of this report and in Exhibit 99.1 shall not
be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such a
filing.
Item
9.01. Financial
Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
99.1 Press release dated November 10,
2008
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PILGRIM'S PRIDE
CORPORATION
Date: November
10,
2008 By:
/s/ Richard A.
Cogdill
Richard A. Cogdill
Chief Financial Officer, Secretary and Treasurer
EXHIBIT
INDEX
Exhibit
Number Description
99.1 Press release dated November 10,
2008