Tyson Foods has officially appointed a permanent replacement for its suspended CFO, John R. Tyson, who has faced legal troubles over the last two years. Curt Calaway, who has been serving as the interim finance chief since Mr. Tyson’s latest suspension, has now taken on the role permanently, as confirmed by the company on August 29.
John R. Tyson, a direct descendant of the company’s founder, was suspended this year following an arrest for driving while intoxicated (DWI). He has since pleaded not guilty to the charges stemming from a June incident in Fayetteville, Arkansas, with a court case that was reported to be held on August 28.
This June incident marks Tyson’s second arrest in less than two years. In 2022, he faced charges of criminal trespassing and public intoxication after being discovered asleep in a stranger’s bed in Fayetteville, Arkansas. Reports indicated that a college-aged woman returned home to find him in her bed, prompting her to call the police out of concern.
Calaway, who joined Tyson Foods in 2006, previously held the position of CFO for the Prepared Foods business unit and played a vital role in the company’s mergers and acquisitions and corporate development efforts. Tyson Foods’ CEO, Donnie King, praised Calaway’s leadership, stating, “Curt is a proven leader with deep industry knowledge and a wealth of experience in financial strategy and reporting. I am confident Curt will continue to help drive our operational excellence and shareholder value.”
According to Tyson Foods, Mr. Tyson remains with the company but is currently on health-related leave. In its recently published third-quarter results, Tyson showcased a significant recovery, reporting an operating income of $341 million compared to a loss of $350 million a year earlier. Adjusted operating income surged by 174% year-on-year to $491 million, with sales reaching $13.35 billion, up from $3.14 billion in the previous year and exceeding analyst expectations.
Furthermore, the owner of the Jimmy Dean brand has adjusted its fiscal 2024 forecast for adjusted operating income, now anticipating between $1.6 billion and $1.8 billion, revised from a previous range of $1.4 billion to $1.8 billion.
