John R. Tyson, the finance chief of Tyson Foods until he was suspended for alleged drink-driving in June, has reportedly pleaded not guilty to the charge.
The US meat giant has not responded to Just Food’s overnight request to comment on the report from Bloomberg, which said the son of the company’s chairman and great-grandson of its founder entered the plea in a state court in Fayetteville, Arkansas, yesterday (16 July).
Go deeper with GlobalData
A trial has been set for 28 August, the news agency added.
Mr Tyson was suspended from duty as CFO last month after being arrested for driving while intoxicated (DWI). Tyson Foods acknowledged the 13 June arrest and consequent suspension of the company executive in a brief statement at the time.
The June incident was Mr Tyson’s second arrest in less than two years. In 2022, he pleaded guilty after he was found asleep in a stranger’s bed. He had been charged with criminal trespassing and public intoxication offences after being arrested by police in the town of Fayetteville, Arkansas.
Reports at the time said a college-aged female allegedly found Mr Tyson asleep in her bed upon returning home. The woman called the police, fearing a potential burglary, and they found Mr Tyson asleep at the premises.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn connection with the latest incident, Mr Tyson was suspended last month and replaced by Curt Calaway on an interim basis.
Calaway has spent 18 years at Tyson Foods, working in a series of finance roles. Since June 2022, Calaway has been the company’s senior vice president for finance, corporate development and treasurer.
Tyson Foods is due to issue its third-quarter results on 5 August. The Hillshire Farm and Jimmy Dean brand owner’s sales were flat in the first half at $26.39bn.
Operating income for the six months to 30 March rose 30% to $543m and increased 58% on an adjusted basis to $817m.
Net income, measured by earnings per share, climbed 16% to 71 US cents.
Based on those results published in May, Tyson Foods said sales for the full 2024 fiscal year are likely to remain flat. Adjusted operating income was expected to come in at $1.4bn to $1.8bn.
“Looking to the back half of the year, we will continue to focus on executing the fundamentals and leveraging our multi-protein portfolio,” president and CEO Don King said. “We are energised by our progress to-date and laser-focused on driving long-term value.”
Tyson Foods’ 2023 sales stood at $52.88bn, down 0.8% on the year. The company ran up a $649m loss, compared to a $3.25bn profit the year previous. It booked an operating loss of $395m, against an operating income of $4.41bn a year earlier.
