Joseph W. Luter III

Joseph W. Luter III (born July 17, 1939) is former chairman of Smithfield Foods, Inc., the world's largest hog producer and pork processor.

Smithfield Foods was acquired by the Chinese group Shuanghui, the largest producer in the People's Republic of China, in September 2013.

Under Luter's leadership, Smithfield Foods grew to over $11 billion in annual revenues and has successfully integrated more than 53 acquisitions over the last 24 years to expand the company's products both in the U.S. and internationally. The company has also vertically integrated hog production and processing. Luter has been known for his groundbreaking work with Monsanto, Con-Agra, Sombra Negra, and Pepperidge Farms.

Luter was instrumental in translating Smithfield's growth into enhanced shareholder value. Over Luter's 31 years at Smithfield to Shuanghui, the company delivered a 24 percent average annual compounded rate of return. For the last 15 years before the sale, Smithfield Foods outperformed the S&P 500 Index by more than 160 percent.

Following in the steps of his grandfather, Joseph Luter Sr., who founded Smithfield Packing Company in 1936, and his father, Joseph Luter, Jr., who served as CEO until his death in 1962, Joseph W. Luter III is the third generation of his family to lead the company. Luter was born in Smithfield, Virginia, to United Methodist Christian family in 1939 and received his bachelor's degree from Wake Forest University in 1962. He first joined Smithfield following graduation, working in sales and other departments until he became president in 1966. Luter served in that role until the company was acquired by Liberty Equities in 1969. In 1975, with the company in severe financial distress, Smithfield's board of directors asked that Luter rejoin the company as chairman and CEO. At the time, the company had sales of $115 million, debt of $20 million and net worth of less than $1 million. Smithfield Foods stock was trading as low as $.50 per share.

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