John R. Tyson in his new role will continue to oversee enterprise strategy and sustainability activities for the company.
Tyson Foods Inc. promoted the chairman’s son to be its new finance chief as the meat producer navigates higher costs for worker wages and animal feed.
The Springdale, Ark.-based company on Tuesday said it named John R. Tyson as executive vice president and chief financial officer, effective Oct. 2. Mr. Tyson, who currently serves as executive vice president of strategy and chief sustainability officer, is set to succeed Stewart Glendinning.
Mr. Glendinning, the company’s CFO since 2017, will become group president of prepared foods, succeeding Noelle O’Mara, who has decided to pursue other opportunities and is no longer with the company, Tyson said.
Mr. Tyson, 32 years old, previously worked in investment banking for JPMorgan Chase & Co. and as a private equity and venture capital investor.
In his new role, Mr. Tyson will continue to oversee enterprise strategy and sustainability activities for the company, Tyson said.
Mr. 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 a regulatory filing.
The company on Tuesday also named Amy Tu president of international and chief administrative officer, expanding her current role as executive vice president, chief legal officer and secretary, global governance and corporate affairs.
Tyson in recent quarters has struggled with fulfilling customer orders and lower sales volumes in its prepared foods business. The company has also been working to better meet demand in its poultry business.
The company last month reported revenue of $13.5 billion for the quarter ended July 2, up 8.2% from the prior-year period. Its net income remained flat compared with the prior-year period, driven by inflation. Tyson said consumers are shifting to chicken and lower-priced beef as food prices rise.
The company declined to comment beyond the release.
