Donnie King named as Tyson Food Inc’s new CEO
A huge shift in power took place in America’s largest meat company once again after Donnie King replaced Dean Banks as Tyson Foods Inc.’s chief executive officer.
After this move, King has become Tyson’s fifth CEO in many years.
The Springdale, Arkansas-based company confirmed on Wednesday in a statement that Banks, who had been in the top position for eight months, is quitting for “personal reasons.”
King, who recently held the post of chief operating officer and president of poultry, becomes CEO effective immediately.
The sudden change comes at a crucial time for the meat producer giant. Even though, Tyson is gaining better margins than ever from selling beef and its new plant-based burgers and sausages. Still, the company has also been grappling with a scarcity of workers at its meat plants and problems with chicken hatchings have hurdled operations.
Tyson’s shares were not changed much, after easing as little as 0.5% early trading in New York.
Donnie King, 59, first joined Tyson in 1982 and went on to head the poultry business at the popular U.S. chicken producer, before quitting in 2017. He re-joined the company in September last year, giving rise to rumours of him being the prospective upcoming CEO.
