Tyson Foods, a key player in the food and drink industry, has taken action against its CFO, John R. Tyson, following his second arrest in two years. Mr. Tyson faced charges of driving while intoxicated, prompting the company to suspend him immediately. Curt Calaway has been appointed as the interim CFO in his place.
The latest incident involving Mr. Tyson comes after a previous arrest in November 2022 when he was found asleep in a stranger’s house. He later pleaded guilty to the charges. The company issued a brief statement in response to the recent arrest, emphasizing their decision to suspend Mr. Tyson from his duties.
“We are aware that John Randal Tyson, Chief Financial Officer of Tyson Foods, was arrested for an alleged DWI. Tyson Foods has suspended Mr. Tyson from his duties effective immediately and named Curt Calaway as interim Chief Financial Officer.”
Calaway, who has been with Tyson Foods for 18 years in various finance roles, including as senior vice president for finance, corporate development, and treasurer since June 2022, will step in as the interim CFO. In the year ending September 2023, Tyson Foods reported a significant loss of $649 million as compared to the previous year’s profit of $3.25 billion.
Despite the financial challenges, Tyson Foods adjusted its outlook for the chicken segment of its protein portfolio, leading to an increase in guidance for adjusted operating income. The company’s adjusted operating income guidance for fiscal 2024 has been revised to $1.4-1.8 billion, reflecting a positive trajectory for the business.
Overall, Tyson Foods anticipates flat sales in fiscal 2024 compared to the previous year. The company remains committed to navigating the challenges in the food and drink industry while striving for growth and profitability.
