Joseph W. Luter III

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 became the third generation of his family to lead the company. Luter III was born in Smithfield, Virginia, to a United Methodist Christian family in 1939 and received his bachelor's degree from Wake Forest University in 1962. He majored in business administration. ==Career==

Luter III started working at Smithfield during high school and college. He loaded trucks, worked the kill floor, sliced bacon, and performed various other tasks. He returned to work at Smithfield following his college graduation. His father died unexpectedly in 1962. Luter III then moved to take control of the company. He bought out the equity of non-family shareholders and became president of Smithfield at the age of 26. The spill remains the largest environmental disaster of its kind and was twice as big as Exxon Valdez spill in 1989. Smithfield committed over seven thousand Clean Water Act violations and received a $12.6 million fine, marking the largest civil penalty for pollution in US history at that time. In 1999, Luter announced that Smithfield had become the largest pork producer in the world. In 2004, Luter received a bonus of $6.6 million. In 2005, Luter received a bonus of $9.86 million due to Smithfield's performance during fiscal year 2005. In fiscal year 2005, Smithfield posted a profit of $296.6 on gross sales of $11.4 billion. Luter earned a salary of $850,000 that year. As chairman, Luter focused on acquisitions and broad, long-term strategy. ==Personal life and death==

Luter's grandfather died in 1947. The death of Luter's father in 1962 was both sudden and unexpected. In addition to heart problems, Luter II had diabetes and smoked about three packs of cigarettes daily. Luter III resented what he called his father's "workaholic" ways and resolved to live the life of a family man. ==References==