SMITHFIELD, Va. (AP) -- Pork producer Smithfield Foods Inc. said Monday it named Robert W. Manly IV as its new chief financial officer, effective July 1.
Manly previously served as an executive vice president at the company. The 55-year-old previously served as president and chief operating officer of Premium Standard Farms.
The company says Carey J. Dubois, who has been serving as CFO, will fill the newly created position of vice president of finance.
The 48-year-old Dubois took over as CFO in 2007 at the Smithfield-based company.
Last week, Smithfield Foods announced that fourth-quarter profit fell 94 percent, hurt by rising grain costs and falling hog prices.
Profit for the quarter ended April 27 was $2.4 million, compared with a profit of $37.1 million a year ago. Revenue rose 20 percent to $2.87 billion from $2.39 billion last year.