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Posted 22 February, 2021

TYSON FOODS, INC. appointed new CEO

CEO Change detected for ticker NYSE:TSN in a 8-K filed on 22 February, 2021.


  (c) On February 21, 2021, Tyson Foods, Inc. (the "Company") appointed Donnie King as the Company's Chief Operating Officer, effective February 22, 2021. In this newly created position, Mr. King will report to Dean Banks, the Company's President and Chief Executive Officer, and will also continue to serve as the Company's Group President Poultry.  

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Overview of TYSON FOODS, INC.
Consumer Goods • Food Products
Tyson Foods, Inc. engages in the processing of prepared food and other related products. It operates through the following segments: Beef, Pork, Chicken, and Prepared Foods. The Beef segment includes processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal meat cuts and case-ready products. The Pork segment focuses on live market hogs and fabricating pork carcasses. The Chicken segment is involved in raising and processing live chickens into fresh, frozen, and value-added chicken products, and sales from specialty products. The Prepared Foods segment manufactures and markets food products and offers logistic operations to move products through the supply chain. The company was founded by John W. Tyson in 1935 and is headquartered in Springdale, AR.
Market Cap
$21.2B
View Company Details
TYSON FOODS, INC. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


(c) On February 21, 2021, Tyson Foods, Inc. (the "Company") appointed Donnie King as the Company's Chief Operating Officer, effective February 22, 2021. In this newly created position, Mr. King will report to Dean Banks, the Company's President and Chief Executive Officer, and will also continue to serve as the Company's Group President Poultry. In addition, the Group Presidents of the Company's Fresh Meats, Prepared Foods and International business segments, as well as the Company's Chief Customer Officer, will report to Mr. King.


Mr. King, 59, who has more than 35 years of experience, has served as the Company's Group President Poultry since September 2020. Prior to that, he served as Group President, International and Chief Administration Officer since February 2019 and as Group President, International since January 2019. Mr. King previously served as President, North American Operations from 2015 to 2016 and President, North American Operations and Foodservice in 2014. Mr. King was initially employed by Valmac Industries in 1982. Valmac Industries was acquired by the Company in 1984. Mr. King was self-employed from 2016 to February 2019 before returning to the Company. Mr. King holds a bachelor's degree in business management from the University of Arkansas at Monticello.


In connection with Mr. King's appointment, the Compensation and Leadership Committee of the Company's Board of Directors approved an award to Mr. King under the Company's 2000 Stock Incentive Plan consisting of a one-time grant of restricted stock with a fair market value of $214,000 on the date of grant. The award will be made four days after the Company's next quarterly earnings release and will vest on the third anniversary of the grant date, subject to the terms and conditions of the award agreement. Mr. King will also continue to be eligible to participate in the Company's general benefit plans and certain executive benefits for which he was already eligible as a member of the Company's senior management, such as the Company's Executive Savings Plan and Executive Rewards Allowance. For more information about the Company's executive compensation program, including a description of each plan identified above, please refer to the Company's proxy statement filed with the U.S. Securities and Exchange Commission on December 23, 2020.


Mr. King has no family relationships or related party transactions with the Company that would require disclosure under Items 401(d) or 404(a) of Regulation S-K in connection with his appointment described above.


A copy of the press release announcing the appointment of Mr. King as the Company's Chief Operating Officer as part of certain organizational changes being announced by the Company is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.