Tyson Foods Inc. has named Richard L. Bond, former IBP president, as president and CEO. Effective immediately, Bond replaces John Tyson and will have responsibility for all operations and sales for the company. Bond has served as second-in-command at Tyson since Tyson bought IBP in 2001. Tyson will remain as board chairman.

In an address to employees this week, Bond said he's committed to the company's long-term strategy of creating more value-added products, improving operational efficiencies and expanding international business. -- Joe Roybal