In keeping with plans for succession of its senior management, Tyson Foods has announced that Richard L. Bond has been elected by the board of directors as president and chief executive officer of the company and will report to the board.
The action, which is effective immediately, was taken during the board’s regular quarterly meeting. John Tyson will continue to serve as chairman of the board.
“The new Tyson Foods is almost five years old now and Dick has earned the opportunity to serve as our new chief executive,” said John Tyson. “He’s done an outstanding job of helping put the two companies together and we look forward to the progress our company will make under his leadership.”
Bond will have responsibility for all operations and sales for the company and has agreed to stay on until at least the end of calendar year 2009.
As chairman, in addition to leading the board in providing the overall strategic direction of the company, John Tyson will continue to have the chief financial officer, general counsel and senior vice president of external relations reporting directly to him.
The board today also approved a quarterly dividend of US$0.04 per share on Class A common stock and $0.036 per share on Class B common stock, payable on 15 September, 2006 to shareholders of record at the close of business on September 1, 2006.