Dick Bond, president and CEO of Tyson Foods Inc. announced today that he is leaving the company, effective immediately. Lealand Tollett, former chairman and CEO of the company, has agreed to return to the company as interim president and CEO until a permanent successor is named.

“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.”

Additionally, Donnie Smith, 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.