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Tuesday, June 15, 2021

Tyson Replaces CEO Dean Banks After Eight Months on the Job

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Tyson Foods Inc. replaced its chief executive officer after about eight months on the job as the top U.S. meat company contends with production constraints and fallout from Covid-19.

Dean Banks stepped down from the CEO role and from Tyson’s board of directors, the company said on Wednesday. He was succeeded immediately by Donnie King, a three-decade veteran of the Arkansas company who earlier this year was named chief operating officer.

Mr. Banks decided to leave Tyson for personal reasons, the company said. He didn’t immediately respond to a request for comment. Mr. King wasn’t available for an interview, a Tyson spokesman said.

The abrupt change at the top of the largest U.S. meat processor by sales makes Mr. King Tyson’s fifth chief executive in as many years. A Tyson spokesman said that while the CEO plays an important part, the company’s leadership team is also responsible for driving Tyson forward.

“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 John Tyson, chairman of Tyson Foods’ board and a controlling shareholder.

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