Tyson Foods Inc. promoted Donnie Smith to president and CEO on Thursday. He takes over leadership of the world's largest meat producer from interim President and CEO Leland Tollett.

Smith, 50, currently serves as Tyson's senior group vice president of poultry and prepared foods. Tollett, who has been interim president and CEO since January, will assist Smith during the transition period.

Tollett took over the top spot temporarily when Tyson announced in January that Richard Bond was stepping down from the position. Tollett served as Tyson's CEO from 1991 to 1998, has been associated with the company since 1959.

When Tollett was named interim CEO, Tyson said its board of directors would focus on internal candidates as a permanent replacement.

Tyson also promoted Jim Lochner, 57, to chief operating officer on Thursday. Lochner currently serves as senior group vice president of fresh meats.

Tyson is based in Springdale, Ark. The company said it will name successors for Smith and Lochner in the next two weeks.