Tyson Foods (TSN) - Get Report named Richard L. Bond CEO, replacing John Tyson, who will continue as chairman.

The Springdale, Ark., chicken processor said the move comes in keeping with plans for succession of its senior management.

"The new Tyson Foods is almost 5 years old now, and Dick has earned the opportunity to serve as our new chief executive," said John Tyson. "He's done an outstanding job of helping put the two companies together and we look forward to the progress our company will make under his leadership."

Bond will have responsibility for all operations and sales for the company and has agreed to stay on until at least the end of calendar-year 2009.

As chairman, in addition to leading the board in providing the overall strategic direction of the company, Tyson will continue to have the chief financial officer, general counsel and senior vice president of external relations reporting directly to him.