Tyson Foods Appoints Jeff Schomburger as New President and CEO
Tyson Foods Names New CEO
Tyson Foods has appointed board member and former Procter & Gamble sales head Jeff Schomburger as its new president and CEO, succeeding Donnie King. Schomburger will assume the role on October 4.
Transition and King's Role
Donnie King, who has spent over four decades at Tyson, will remain on the board. Schomburger will take over after a transition period starting in July.
Schomburger's Background and Compensation
Schomburger, 64, has been on Tyson's board since 2016 and previously spent 35 years at P&G as global sales officer. As CEO, he will receive an annual base salary of $1.6 million and an annual bonus target of 200% of base pay.
Company Performance
Tyson reported higher profit in its fiscal second quarter but recorded a $240 million loss in its beef division due to soaring cattle prices, which continue to pressure margins.
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