Joseph Luter, III, has announced that he plans to relinquish the title of chief executive officer of Smithfield Foods, Inc—said to be the largest pork and hog producer in the world—after serving for 31 years as chairman and chief executive officer.

Smithfield's board of directors said that Mr Luter will step aside as CEO, as of August 31, but will remain non-executive chairman of the board. As chairman, Mr Luter will continue to focus on acquisitions and long-term strategic development.

The board has elected C. Larry Pope, currently president and COO, as chief executive officer, effective September 1.