Tyson Foods named a new chief financial officer on Thursday, replacing heir John R. Tyson, who was suspended earlier this summer after he was arrested for driving while intoxicated.
The meat giant on Thursday appointed Interim CFO Curt Calaway to take over the position permanently. Tyson remains with the company but is currently on health-related leave, according to a release.
Tyson, a great-grandson of the company's founder, had the executive role for nearly two years. He was suspended in June after he was arrested in what was the second alcohol-related incident in his tenure as CFO.
In July, Tyson pleaded not guilty to multiple charges including DWI and careless driving, the Arkansas Democrat-Gazette newspaper reported.
Calaway has been with Tyson Foods since 2006, holding various financial leadership roles throughout his career. He was CFO for Tyson’s prepared foods business, where he oversaw M&A and corporate development efforts.
“Curt is a proven leader with deep industry knowledge and a wealth of experience in financial strategy and reporting,” Donnie King, Tyson president and CEO, said in a statement. “I am confident Curt will continue to help drive our operational excellence and shareholder value.”
The Springdale, Arkansas-based company posted strong profits in its latest quarter, following “a remarkable turnaround” in its chicken and pork businesses driven by operational efficiencies and lower feed costs, King said in an August investor call.
Adjusted operating income totaled $491 million in the third quarter, up 174% over last year, after the company shuttered nine processing plants. According to its earnings report, Tyson is bullish on profits for the rest of the year.
