Hayes to replace Smith as CEO of Tyson Foods
Donnie Smith will step down as CEO of Springdale, Ark.-based Tyson Foods on Dec. 31 and will be succeeded by Tom Hayes (shown above), who will also continue to serve as the company’s president. Hayes was also appointed to the board of directors.
Tyson announced the changes earlier this week after reporting a drop in sales for the fourth quarter and results that fell short of analysts’ expectations. Tyson also forecast lower-than-expected profit for fiscal year 2017.
“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 of directors, in a statement. “The plan we have announced will result in a smooth leadership transition that positions Tyson Foods for continued growth and innovation.”
Tyson said the board’s decision to name Hayes CEO was based on both his track record and how his skills align with the company’s strategic direction and continuing evolution.
“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,” Tyson said.
Hayes was appointed president earlier this year and has been responsible for retailed packaged brands, international and global growth, North American sales, strategy and new ventures, as well as the support functions of corporate affairs and operations services.
“I am humbled to be named the next CEO of Tyson Foods and am grateful to the board and the family for providing me with the opportunity to lead this incredible company,” Hayes said in a statement. “Tyson Foods is well-positioned to realize numerous growth opportunities — our company has a solid strategy that leverages compelling market dynamics and an experienced and highly capable management team and many thousands of hard working and dedicated associates.”
Smith, who has been CEO of Tyson Foods since November 2009, will be available to consult with the company for a three-year period. In a statement, Smith said: “I take great pride in having led Tyson Foods for the past seven years. In addition to helping the company deliver growth and strong shareholder returns, I am also proud of the efforts we have undertaken to make Tyson Foods a company with a conscience, focused on providing consumers wholesome, affordable food and making a positive difference in people’s lives. … I am confident that Tom is the right CEO to continue the transition we have started and lead Tyson in the next phase of its strategic development and growth.”
Tyson, one of the world's largest food companies, supplies retail and foodservice customers throughout the United States and approximately 115 countries. The company offers an array of private label products.