October 3, 2007

Tyson steps down from executive role

Tyson Foods has announced that chairman John Tyson will no longer be serving the company in an executive capacity.

Officers reporting to Tyson, such as the company's general counsel and SVP of external relations, will now report directly to CEO Dick Bond.

Tyson will, however remain chairman of the board and serve as a company adviser under a new contract. His previous contract was set to expire in February 2008.

Tyson said the move to relinquish his duties as an executive officer is part of the evolution of the company's succession planning, adding that he has full confidence in Bond and the rest of the management team.

Tyson, joined the company's board of directors in 1984 and became chairman in 1998. He expanded his role to chairman, president and CEO in 2000 and served as chairman and CEO from 2001 to 2006.

Tyson Foods, the second largest chicken producer in the US recently announced it would cut meat production due to high feed costs.

In June, the company reported a US$111 million profit for the fiscal third quarter, compared to a US$52 million loss the same quarter a year earlier.