Tyson Foods CEO Dean Banks steps down, citing ‘personal reasons’

Business

FILE – In this July 30, 2001, file photo, a sign marks the entrance to Tyson Foods headquarters in Springdale, Ark. Tyson Foods says it is raising wages to combat absenteeism and worker turnover at its plants as U.S. demand for chicken soars. The Springdale, Arkansas-based company said Monday, May 10, 2021, that absentee rates are around 50% higher than they were before the pandemic. (AP Photo/April L. Brown, File)

SPRINGDALE, Ark. (KNWA/KFTA) —Dean Banks, president and chief executive officer (CEO) of Tyson Foods, is leaving the company and board, effective immediately, the Springdale-based food processor announced on Wednesday.

The move comes due to “personal reasons,” the company said in its release.

Dean Banks (Photo: Tyson Foods, Inc.)

“Being a part of Tyson Foods has been a very rewarding experience,” said Banks. “Upon deep personal reflection, and discussions with my family, the board, and my colleagues, I believe that stepping down and concentrating on my family is the right decision at this time.”

Donnie King, the poultry giant’s chief operating officer, has been named new president and CEO, effective immediately.

President & CEO Donnie King (Courtesy: Tyson Foods)

“I’m humbled but excited about leading Tyson Foods, a company that feeds millions of people and means so much to me personally,” said King. “I believe we need to be sharply focused on operating with excellence, executing our strategies, and continuing to innovate across our businesses throughout the world. With our strong leadership team, we are committed to winning with our customers and delivering an outstanding team member experience.”

King joined Tyson Foods in 1982. He is a former member of the executive committee of the National Chicken Council’s board of directors and a former member of the U.S. Poultry and Egg Association.

“The board and I know that Donnie has a deep understanding of our business, values and culture and the solid leadership skills needed to continue to implement our strategy and deliver strong results,” said chairman of the board John H. Tyson. “We want to express our appreciation to Dean for his contributions as a board member and executive.”

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