Prepared foods firm Pilgrim’s Pride has named its finance chief Fabio Sandri as the company’s new CEO with immediate effect.

Sandri will be replacing former president and CEO Jayson Penn, who was indicted earlier this year by the US Justice Department on charges of conspiring to set a fixed price for chickens by working with other industry executives.

After being indicted by the US court, Penn went on a paid leave of absence in June. However, Pilgrim’s Pride added that Penn is no longer associated with the company.

Sandri has been associated with the company for nearly a decade after he joined as CFO in June 2011.

Prior to Pilgrim’s, Sandri served as CFO of Estacio Participações, a private post-secondary educational institution in Brazil, as well as corporate controller for the petrochemical company Braskem, which is headquartered in Camaçari.

Sandri was appointed as the interim president and CEO of Pilgrim’s Pride after Penn went on paid leave.

Sandri said: “I am humbled and excited to be selected by the board to lead Pilgrim’s in our next stage of growth and opportunity for our team members.

“I look forward to working alongside our strong team of professionals around the globe, who are committed to realising Pilgrim’s vision to be the best and most respected company in our industry.”

The company further added that it has started the search process for its new chief financial officer to replac Sandri.

Last August, Pilgrim’s Pride signed a £290m ($353m) deal to acquire Danish Crown’s integrated prepared foods supplier Tulip.