Lead­er­ship change at Tyson

Daily Freeman (Kingston, NY) - - BUSINESS -

Tyson Foods shares sank Mon­day af­ter the U.S.’s largest poul­try pro­ducer re­ported weak earn­ings and said its CEO would step down.

The Spring­dale, Arkansas com­pany, which pro­duced an av­er­age of 35 mil­lion chick­ens a week last year, said it earned $391 mil­lion, or $1.03 per share in the fourth quar­ter. An­a­lysts sur­veyed by Zacks In­vest­ment Re­search had forecast earn­ings of $1.24 per share.

Rev­enue slipped to $9.16 bil­lion from $10.5 bil­lion.

CEO Don­nie Smith will step down at the end of this year, and be re­placed by com­pany pres­i­dent Tom Hayes. Smith has been CEO of Tyson Foods since 2009, and will re­main avail­able to con­sult with the com­pany for a three-year pe­riod.

Tyson Foods shares fell 14.5 per­cent to $57.60 on Mon­day.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.