US meat giant Tyson Foods has announced that chairman John Tyson will remain in his role but serve in a non-executive capacity.
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The announcement follows on from succession arrangements begun last year, which saw Dick Bond succeed Tyson as CEO. John Tyson is now to discontinue his remaining responsibilities as an executive officer of the company, Tyson Foods said.
Senior executives who have been reporting to Tyson, including the company’s general counsel and the senior vice president of external relations, will now report to Bond. Tyson, however, will be providing advisory services under a new contract, which takes effect from today (1 October).
“The decision to relinquish my duties as an executive officer is part of the evolution of the company’s succession planning,” said John Tyson, who joined the company’s board of directors in 1984. “I have full confidence in Dick Bond and the rest of the management team to continue to move this company forward. As chairman of the board of Tyson Foods I will remain involved in overseeing the strategic direction of the company.”
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