John Tyson relinquishes executive duties
October 01, 2007
by FoodBusinessNews.net Staff
SPRINGDALE, ARK. — While John Tyson will continue as chairman of the board of Tyson Foods, Inc., he has decided to resign from his remaining responsibilities as an executive officer of the company.
"The decision to relinquish my duties as an executive officer is part of the evolution of the company’s succession planning," Mr. Tyson said. "I have full confidence in Dick Bond and the rest of the management team to continue to move this company forward. As chairman of the board of Tyson Foods, I will remain involved in overseeing the strategic direction of the company."
Last year, Mr. Bond took on the duties of c.e.o., however Mr. Tyson has still had some responsibilities, such as having senior executives report to him.
With the changes in responsibilities, Mr. Tyson will give advisory services to the company under terms of the new contract. This replaces a previous contract that was scheduled to expire in February 2008 and a commitment to enter into a ten-year senior executive employment agreement. Additionally, this allows the company to begin its new fiscal year with a revised organizational structure.