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Tyson Foods CEO steps down after eight months

·1-min read
Tyson Foods, which shuttered some meat processing plants early in the Covid-19 pandemic, is getting new leadership

Tyson Foods Chief Executive Dean Banks has stepped down after just eight months and will be replaced by longtime company executive Donnie King, the company announced Wednesday.

"Upon deep personal reflection, and discussions with my family, the board, and my colleagues, I believe that stepping down and concentrating on my family is the right decision at this time," said Banks, who had worked previously at Google and other technology ventures.

King, who joined Tyson in 1982, has held a number of executive roles at the company, most recently as chief operating officer.

"I'm humbled but excited about leading Tyson Foods, a company that feeds millions of people and means so much to me personally," King said in a statement. "I believe we need to be sharply focused on operating with excellence, executing our strategies, and continuing to innovate across our businesses throughout the world."

Tyson was among the meat processing companies that temporarily shuttered several plants early in the coronavirus pandemic following outbreaks.

The company also came under scrutiny following a lawsuit from the family of a deceased worker that managers of an Iowa pork plant wagered on how many workers would contract Covid-19.

Tyson announced in December 2020 that it fired seven plant management employees at the Iowa plant following an independent probe.

The company's shares rose 0.6 percent to $80.60 in midday trading.

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