President and CEO at Smithfield Foods, Larry Pope, has commended the company’s recent performance and says he is optimistic about the future of the company.

"Smithfield's packaged meats business is performing at record levels and profitability is already benefiting from the restructuring plan,” he says. “In addition, hog production results will improve as herd reductions accelerate and supply is reduced. We continue to position the overall business for much stronger earnings and I am very optimistic about the potential earnings power of this company."

Mr Pope has sold 100,000 of his shares in the company, but Smithfield Foods made it clear that he did this to meet personal financial obligations and has nothing to do with the company’s performance. He still owns 222,000 shares in the firm.

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