US meat processor Tyson Foods has announced it is to reduce the size of its board of directors from 15 to ten members to better balance the number of inside and outside directors.
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John Tyson, chairman of the board and Tyson’s chief executive officer, said: “We have taken several significant steps to enhance the board’s independence by adding more outside directors and ensuring the company’s governance practices meet the high standards our shareholders expect. Reducing the size of the board will create a more streamlined structure with a better balance of inside and outside directors, and will allow the board to more efficiently and effectively carry out its duties.”
The company said that present inside directors Gerald Johnston, Shelby Massey, Joe Fred Starr and Donald Wray and outside director Barbara Allen will not stand for re-election.
