Tyson CEO steps down after less than a year

Dean Banks
Donnie King

(CNN) — Tyson CEO Dean Banks is stepping down after less than a year on the job.

Banks has also given up his post as a member of the company’s board.

Chief Operating Officer Donnie King will take the helm as CEO and President, effective immediately.

According to a company statement, Banks is leaving for personal reasons.

In his own statement, Banks said he’s stepping down to concentrate on his family. Banks started at Tyson’s CEO in October of 2020.

Read the full statement from Tyson:

Tyson Foods, Inc. announced today that Chief Operating Officer Donnie King has been named President and Chief Executive Officer, effective immediately. Current President and CEO Dean Banks is leaving the company and board for personal reasons.

“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 H. Tyson, chairman of the board. “We want to express our appreciation to Dean for his contributions as a board member and executive.”

“Being a part of Tyson Foods has been a very rewarding experience,” said Banks. “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.”

“I’m humbled but excited about leading Tyson Foods, a company that feeds millions of people and means so much to me personally,” said King. “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. With our strong leadership team, we are committed to winning with our customers and delivering an outstanding team member experience.”

King has more than 36 years of experience in the protein business, holding a variety of executive leadership positions involving virtually all facets of the company including poultry, beef, pork, prepared foods and international. He has also provided executive oversight of other important areas, such as food safety and quality assurance, health and safety, continuous improvement, engineering, and supply chain.

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