Dean Banks to become president on 20 December

Dean Banks to become president on 20 December

Tyson Foods announced its independent director Dean Banks will take over the president role from Noel White, who will remain chief executive of the US-based meat-products firm.

The New York-listed company did not say why White is giving up the president seat he took in September last year, with Banks due to assume the position on 20 December. Tyson said the incoming president will report to White and oversee the firm's business segments. He will stay as a board member and become a non-independent director.

Since 2016, Banks has been a project leader for X, the R&D arm of Alphabet Inc. formerly known as Google X. He joined the Tyson board in 2017 and was previously managing partner of Seed Ventures, a group investing in and developing early-stage healthcare technologies. 

He has also served as a consultant to Cleveland Clinic Innovations, CEO of Occelerator, the senior vice president for business development and marketing at OrthoHelix, co-founder and CEO of Connective Orthopedics, and vice president at Highland Capital Partners.

White commented: "At a time of unprecedented change in the protein industry, we're focused on capitalising on our diversified business model and innovation to execute our growth strategy. As we increasingly integrate advanced technologies into our operations, we're pleased to add a leader of Dean's calibre to our leadership team. From his service on the Tyson Foods board, Dean has developed a keen understanding of our business to go with his deep knowledge of the technologies and innovations that can help unlock opportunities now and in the future."