Tom Hayes to Become Tyson Foods CEO

Tyson Foods Inc. of Springdale said Monday that Tom Hayes, its president, will succeed Donnie Smith as CEO on Dece. 31.

The publicly traded meat processor, which reported fourth-quarter and fiscal year results Monday, said Hayes will continue to serve as president and has been appointed to the board of directors effective immediately.

Smith, who has been CEO of Tyson Foods since November 2009, will be available to consult with the company for a three-year period, the company said in a news release.

"Tom Hayes is a proven leader who has played an important role in creating today's Tyson Foods and driving growth across our company," said John Tyson, chairman of the board. "The plan we have announced today will result in a smooth leadership transition that positions Tyson Foods for continued growth and innovation.

"The board's decision to name Tom CEO at this time was based on both his track record and how his skills align with the company's strategic direction and continuing evolution," John Tyson said. "The board has the utmost confidence in Tom's ability to build on the platform Donnie has created, to expand further into developing markets, new product categories and proprietary food experiences, and to continue investing in our core nine categories.

"Donnie is leaving the company in great hands, having developed an impressive pipeline of management talent while positioning us for continued growth and change. The board and I thank Donnie for his many contributions and wish him all the best."

The company's fourth-quarter results included a lower-than-expected profit that missed analyst expectations. Shares of the company fell more than 8 percent in pre-market trading.

Arkansas Business will update this story.

from Restaurants & Food - ArkansasBusiness.com http://www.arkansasbusiness.com/article/114247/tom-hayes-to-become-tyson-foods-ceo