According to reporting in Reuters, Penn has been on a paid leave of absence after being indicted earlier this year on charges of price fixing for broiler chickens. Three other top executives in the poultry industry were indicted on similar charges.

Pilgrim's Pride's board of directors in June appointed Sandri as interim president and CEO of the company, which is mostly owned by Brazilian meat packer JBS SA.

The charges against Penn and three others in the industry are the first in a criminal probe of price-fixing and bid-rigging involving broiler birds, which account for most chicken meat sold in the United States. The companies have denied the allegations.

Sandri, 49, has been the CFO since June 2011, before which he held top roles in Brazilian firms Estacio Participações and Imbra SA among others.

Pilgrim's Pride said it has initiated a search to identify a new CFO.

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