Chief Executive Donnie King told employees Wednesday that Tyson Foods will cut about 10 percent of its corporate jobs and 15 percent of its senior leadership positions.
The layoffs are the latest cost-cutting move for the largest US meat company by sales as it grapples with falling profits and struggles to improve results in its popular chicken business.
In a note to employees, seen by Reuters, King said discussions with the hardest-hit employees are scheduled for this week.
“We will drive efficiency by focusing on fewer initiatives with greater intensity and eliminating duplication of work,” King said.
Among those who will remain on the board is company heir John R. Tyson, grandson of the company’s founder. In November, Tyson was arrested on charges of criminal trespass and public intoxication.
Chief Executive Donnie King told employees Wednesday that Tyson Foods will cut about 10 percent of corporate jobs and 15 percent of senior leadership positions.
Tyson had about 6,000 American employees working in corporate offices as of Oct. 1 and 118,000 workers in non-corporate locations, such as meat plants and warehouses, according to regulatory filings.
A company spokesperson said the eliminated roles in senior leadership are mostly vice presidents and senior vice presidents.
Some of the company’s employees had already left the company after Tyson said in October that it would move all of the company’s jobs to its Springdale, Arkansas, headquarters. However, a spokesperson for Tyson said the 10 percent reduction in corporate roles is not transfer-related.
Tyson has made a splash in the upper executive ranks, too.
The company fired Chris Langholz as its head of international business in August. In September, Tyson said that Noelle O’Mara, who led the prepared foods division, had left the company. John R. Tyson, grandson of the company’s founder, took over as CFO.
The layoffs are the latest cost-cutting move for the largest US meat company by sales as it grapples with falling profits and struggles to improve results in its popular chicken business.
In January, Tyson replaced the head of the poultry division after the company incorrectly forecast demand for chicken.
The company has struggled for years to improve results in its chicken unit, and in March said it would close two US processing plants that employ nearly 1,700 employees.
Adjusted earnings of 85 cents per share in the quarter ended Dec. 31 were down 70 percent from a year earlier. Tyson is scheduled to announce its next quarterly earnings on May 8th.
In November 2022, a woman showed up at her home and found Tyson, 32, in her bed.
The stranger, who says she didn’t know Tyson, found the heir to the billion dollar food brand fortune asleep in her bed around 2am.
The college-aged woman told authorities she believed she left the front door unlocked.
In November, Tyson was arrested on charges of criminal trespass and public intoxication, but his position would not be eliminated with the layoffs.
Tyson is seen here at the Washington County Sheriff’s office after being picked up
Domestic TV country Fox 24 He reported the smell of alcohol on Tyson’s breath when he was found and was unable to respond verbally to the police. According to the local report, his movements appeared slow and uncoordinated.
He was seen wearing orange shorts and shirtless in the sheriff’s office. Tyson was released Sunday night on a $415 bond.
Young Tyson, also a lecturer at the University of Arkansas Business School, joined the family business in 2019 after working in investment banking at JP Morgan, as well as in private equity and venture capital.
He attended Harvard University for his undergraduate degree and earned his MBA from Stanford University.
The Tyson family is valued at $3.3 billion, and the company, which started three generations ago, is valued at $24 billion.
According to the Wall Street Journalis the youngest CFO working for a Fortune 500 or S&P 500 company.
