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(Reuters) – Tyson Foods Inc. (TSN.N) CEO Tom Hayes announced Monday that he will leave the company and appoint his longtime replacement, Noel White.
PHOTO – Tom Hayes, President and CEO of Tyson Foods, speaks at the 21st Milken Institute Global Conference in Beverly Hills, California, USA, May 1, 2018. REUTERS / Mike Blake
Hayes, who is leaving his position for personal reasons, was appointed chief executive of the # 1 US meat processing company in 2016.
Ball Park's hot-dog and sausage maker Jimmy Dean – under pressure from commercial companies that disrupted US pork exports, increased domestic supply and weighed on prices – also reaffirmed its forecast of adjusted earnings for year.
White, who joined Tyson following the acquisition of IBP in 2001, was recently Tyson's chief operating officer. He will take over at the end of the month, the company said.
The company's shares fell by nearly 3% to $ 61.65 in pre-market trading.
Report by Aishwarya Venugopal in Bengaluru; Edit by Shounak Dasgupta and Sweta Singh
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