Leadership change at Tyson
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.