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Tyson Foods on Thursday named a new chief financial officer, replacing heir John R. Tyson, who was suspended after being arrested on drunken-driving charges this summer.
The meat giant appointed an interim CFO on Thursday. Kurt Calaway The position will be taken on a permanent basis. Tyson will remain with the company but is currently on health-related leave, the press release states.
Tyson, the great-grandson of the company's founder, has been in an executive role for nearly two years. He Stopped He was arrested in June after being arrested on a second alcohol-related incident while serving as CFO.
In July, Tyson pleaded not guilty to several charges, including DUI and careless driving. Arkansas Democratic Party-Gazette The newspaper reported.
Calaway has been with Tyson Foods since 2006 and has held a variety of financial leadership roles throughout his career. He was CFO of Tyson’s processed foods business and 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,” Tyson President and CEO Donnie King said in a statement. “I am confident Curt will continue to help drive operational excellence and shareholder value.”
The Springdale, Arkansas-based company reported strong profits in its most recent quarter. “A surprising twist“We are expanding our chicken and pork businesses, driven by operational efficiencies and lower feed costs,” King said in an August investor call.
Adjusted operating income was $491 million in the third quarter, up 174% from a year ago, after the company closed nine processing plants. According to the earnings report, Tyson expects earnings to remain strong for the remainder of the year.
