Tyson Foods has announced that chairman John Tyson will no longer be serving the company in an executive capacity, effective immediately. He will, however remain chairman of the board.
Consequently, officers reporting to Tyson, such as the company’s general counsel and SVP of external relations, will now report directly to CEO Dick Bond.
In his adjusted role, Tyson will serve as a company adviser under a new contract. Tyson’s previous contract was set to expire in February 2008.
“The decision to relinquish my duties as an executive officer is part of the evolution of the company’s succession planning,” said Tyson. “I have full confidence in Dick Bond and the rest of the management team to continue to move this company forward.”
Tyson, joined the company’s board of directors in 1984. After serving in various executive capacities, Tyson became chairman in 1998, and then expanded his role to chairman, president and CEO in 2000 and served as chairman and CEO from 2001 to 2006.
â€¢ Tyson Foods
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