Tyson Foods promotes chairman’s son to CFO

Dive Brief:

John R. Tyson, son of Tyson Foods chairman John H. Tyson, was promoted from his current role of executive vice president and chief sustainability officer to CFO, effective Oct. 2, according to a Sept. 27 SEC filing.
Tyson is succeeding Stewart Glendinning who has served as the company’s executive vice president and CFO since February 2018. With Tyson’s move up the C-suite ladder, he will still maintain his responsibilities for corporate development, strategy and sustainability, according to the filing.
The promotion happens against the Springdale, Ark.-based company reporting lukewarm earnings for the third quarter. Tyson Foods saw increases in labor, feed ingredients, live animals and freight costs, according to the company’s Aug. 8 earnings call.

Dive Insight:

Tyson has a history in investment banking, both at J.P Morgan, as well as a private equity and venture capital investor. He is also a lecturer at the Sam M. Walton College of Business at the University of Arkansas, according to the company website.

In his role as the executive vice president and chief sustainability officer, John R. Tyson is responsible for leading the meat producer giant’s efforts to support a more sustainable protein system. He will carry over these responsibilities in addition to his new duties as CFO.

The CFO swap comes as Tyson Foods reports lukewarm earnings and has recently had problems fulfilling some customer orders. It has had lower sales volumes in its prepared food business, as some cost conscious consumers have shifted away from high-priced beef and more towards chicken, according to the Wall Street Journal. Increases in labor costs, as well as feed ingredients, live animals and freight costs have proved to be challenges for the company.

Glendinning, meanwhile, will be transitioning to the role of Group President Prepared Foods, replacing Noelle O’Mara who departed from the role on Sept. 23 to pursue other opportunities, according to the filing.

With his promotion to CFO, Tyson is set to receive an annual base salary of $650,000 and an increase in his target annual incentive payment from 90% to 110% of his annual base salary, according to the filing.

Also involved in leadership moves is Amy Tu, who joined the company in 2017. She has been named president, international & chief administrative officer, expanding her current role as executive vice president and chief legal officer, according to the filing.