Tyson Foods has appointed a permanent replacement for suspended CFO John R. Tyson, the son of the company’s chairman who has been arrested twice in two years.
Curt Calaway, who has been the meat giant's interim finance chief since Mr Tyson's most recent suspension, will take on the role permanently, the company said yesterday (29 August).
Mr Tyson, who is also the great-grandson of its founder, was suspended from duty as CFO earlier this year after being arrested for driving while intoxicated (DWI).
He reportedly pleaded not guilty to June’s drink-driving charge last month in a state court in Fayetteville, Arkansas. Bloomberg reported at the time that the court date was 28 August.
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.
Calaway has worked at the Hillshire Farm brand owner since 2006. Before being named interim CFO, Calaway was the CFO of Tyson Foods’ Prepared Foods business unit and was also responsible for the company’s M&A and corporate development efforts.
“Curt is a proven leader with deep industry knowledge and a wealth of experience in financial strategy and reporting,” Tyson Foods CEO Donnie King said.
“I am confident Curt will continue to help drive our operational excellence and shareholder value.”
Tyson Foods said yesterday's statement that Mr Tyson is still with the company “but is currently on health-related leave”.
In Tyson Foods’ recently published third-quarter results, operating income of $341m compared to a loss of $350m a year earlier, while adjusted operating income of $491m was up 174% year-on-year.
Sales of $13.35bn were up from $3.14bn a year earlier, beating analysts’ estimates of $13.24bn.
The Jimmy Dean brand owner consequently upped the lower end of its adjusted operating income forecast for fiscal 2024 to $1.6bn to $1.8bn, from $1.4bn to $1.8bn.
