Pilgrim’s Pride Can’t Find A Thing
If you're new here, you may want to subscribe to my RSS feed. If you have any questions, please see my policies page or if you would like to contact me, you can do so here. You can find out more about me here. I sincerely thank you for visiting!
I’ve written before about my love for footnoted. Today, Wendy has another doozy.
Pilgrim’s Pride, the frozen poultry company, is a favorite at footnoted. The company is largely controlled by the Pilgrim family and they run the company like their own petty cash fund. Both the father and the son sit on the compensation committee that determines the compensation of the Senior Chairman, who happens to be the father. The company pays other family members to raise chickens, purchase grain, and haul the grain to feed the chickens. The company leases planes from the family. The family gets paid for taking on some sort of risk related to chickens, but the proxy is not clear on what the risk is.
On top of all that, the entry has a key quote from a member of the executive suite that you have to read to believe.
If you’re not reading Footnoted, you’re missing out on some great information, even if you are not an investor.