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Tom Hayes, CEO of Tyson Foods, leaves the company and the company's board of directors chose Noel White as successor.
Photo:
Mike Blake / Reuters
Tyson Foods Inc. said Chief Executive Tom Hayes is stepping down as CEO and an executive who led the company's beef, pork and international group will take over at the end of the month.
Tyson said in a statement Monday that Mr. Hayes "resigned for personal reasons." Mr. Hayes has been leading the company since the end of 2016 and was previously Supply Chain Leader for Hillshire Brands Co., which Tyson bought four years ago, according to Tyson's website.
Tyson's board of directors chose Noel White as the new CEO and president, the company said. Mr. White previously worked for Tyson's IBP meat packing company in 2001. He worked as Tyson's operations director and was president of the poultry division from 2013 to 2017, the company said. Mr. White has recently worked as President of the Beef, Pork and International Group.
A spokesman for the company said Mr. Hayes had chosen to leave the company and his departure was not due to behavioral or integrity issues. Several candidates were considered.
The company also reiterated its guidance for the year and still expects adjusted earnings of between $ 5.70 and $ 6 per share.
Tyson shares, down 22% since the beginning of the year, fell 2.8% before market.
Write to Allison Prang at [email protected]
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