Bond will report to the board while John Tyson will continue to serve as chairman of the board.
"The new Tyson Foods is almost five years old now and Dick has earned the opportunity to serve as our new chief executive," observed 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, the company said Tyson will continue to have the chief financial officer, general counsel and senior Vice president of external relations reporting directly to him.
The board today also approved a quarterly dividend of 4 cents per share on Class A common stock and 3.6 cents per share on Class B common stock, payable on Sept. 15, to shareholders of record at the close of business on Sept. 1.