020725 Smithfield CEO VA Entrepreneur of the YearJuly 12, 2002Smithfield, VA - Joseph W. Luter, III has been named the Ernst & Young 2002 Virginia Master Entrepreneur of the Year. The Ernst & Young program recognizes entrepreneurs who have demonstrated excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities. The Entrepreneur of the Year was picked from a group of nominees by an independent judging panel. Ernst & Young created the award in 1986 to honor entrepreneurs whose ingenuity and perseverance have created and sustained successful, growing business ventures. Other major sponsors of the program include Marsh USA, the law firm of Williams Mullen and Wachovia Bank. Since becoming chairman and chief executive officer of Smithfield Foods, Inc. (NYSE: SFD - News) in 1975, Mr. Luter transformed the company from a small, regional meat packer with sales of $125 million and a net worth of $1 million to an international concern with annual sales of $8 billion and a net worth of $1.4 billion. Mr. Luter has been instrumental in translating the company's growth into enhanced shareholder value. Over his 27 years as CEO, the company has delivered a 27% average annual compounded rate of return. For the last 15 years, Smithfield Foods has outperformed the S&P 500 Index by more than 350%. Prior to returning to Smithfield as chairman and CEO in 1975, Mr. Luter had developed Bryce Mountain Resort a highly successful four season resort in Bayse, Virginia.
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