071243 Pilgrim's Pride CEO Dies After Stroke

Dallas, TX - The chief executive who built Pilgrim's Pride Corp. into the nation's largest chicken producer by acquiring a rival died Monday, two days after suffering a massive stroke.

The company said O.B. Goolsby Jr., 60, was stricken Saturday while on a hunting trip with customers in South Texas. He was airlifted to a San Antonio hospital.

Pilgrim's Pride said a special committee of its board would begin the selection process for a new president and CEO. It said no timetable has been set for naming a replacement.

A spokesman for the Pittsburg, Texas-based company said before Goolsby's death that senior executives had taken steps to ensure the business continues without interruption. No interim CEO had been appointed.

"Our company has lost a gracious, talented leader who served as an inspiration to everyone around him, and we are deeply saddened by his death," company co-founder and Senior Chairman Lonnie "Bo" Pilgrim said in a statement.

Pilgrim said Goolsby had guided Pilgrim's Pride through a period of growth with honesty and humor.

Last year, Pilgrim's Pride launched a hostile $1.1 billion takeover of rival Gold Kist Inc. The move succeeded after Pilgrim's Pride sweetened its initial offer, and the deal vaulted the Texas company to the top of the chicken- producing industry. Pilgrim's Pride said the acquisition helped it compete better in the United States and overseas.

Goolsby had served as president and CEO since September 2004. He joined the company in 1969 at its distribution center in Mount Pleasant and moved into plant sales after a year. He held a succession of management jobs, including two years as president and chief operating officer before being named CEO.

As chief operating officer, he led Pilgrim's Pride's acquisition of ConAgra's chicken division, company officials said. That deal broadened Pilgrim's geographic reach, making it a more appealing supplier for national food chains, and Pilgrim's stock price doubled in a year.

The shares have slumped since September, however, as poultry producers have battled with low prices. The company swung from a year-ago loss to a profit in the July-September quarter, but Goolsby said the profit was less than expected.

In October, Pilgrim's Pride agreed to pay $1 million and hire hundreds of rejected applicants to settle federal allegations of discrimination against women and minorities. The company said it did nothing wrong but settled to avoid the cost of litigation.

Goolsby is survived by his wife, Barbara, three children and 11 grandchildren.

Pilgrim's Pride has about 55,000 employees and operates 38 poultry processing and 12 prepared-foods facilities mostly across the South and in Mexico and Puerto Rico. The company sells chicken to retailers, foodservice distributors and restaurants.

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