The new CEO Don Jackson joins Pilgrim's Pride after the resignation of the previous CEO Clint Rivers. Clint Rivers had resigned after being pressurized by the board members after the company filed for Chapter 11 bankruptcy protection.

Don Jackson was an executive working in a rival company of Pilgrim's Pride, Foster Farms, one of the better-performing poultry companies over the past year. The chief operating officer of Pilgrim's Pride, Robert A. Wright has also resigned.

The probable cause of the downfall of Pilgrim's Pride is high feed costs and low meat prices. Also, chicken demand from some countries has slowed as many nations cut back on meat consumption due to the global financial crisis.

Pilgrim's Pride intends to recover from the losses and to operate normally after the execution of the reorganization plan.

The company had hired bankers to help it restructure and refinance its debt. But since the chicken prices have been low due to low consumption of meat in the market, this has further complicated the process of recouping for the company. Pilgrim's Pride was in a tight spot as the banks have become tougher about lending in a near-frozen credit market.