by Kim Souza (ksouza@talkbusiness.net)

It’s proven to be a tough job to hold as of late. The Tyson Foods chief executive officer role has turned over four times in seven years since Donnie Smith stepped down. Tyson Foods CEO Donnie King, CEO since June 2021, is the fourth in the job since Smith left in 2016.

Smith held the CEO position through a growth period for Tyson Foods from 2009 through 2016. He oversaw the acquisition of Hillshire Farms in 2014 and is credited with achieving four straight years of record net income and multiplying stock value six times in seven years.

At 57, Smith stepped down as CEO with a hefty retirement package valued at $24 million, which included a three-year consulting agreement that paid him a minimum of $5,800 per hour worked. His exit package also included $3.53 million in severance and restricted shares and stock options valued at $5.5 million. Additional shares, valued at $6.69 million, were to vest if his successor Tom Hayes achieved certain performance goals. Smith also had a minimum of $8.16 million in retirement benefits. Smith logged 36 years with Tyson Foods, joining the company after college graduation.

https://talkbusiness.net/2023/08/tyson-foods-in-recent-years-sees-rapid-turnover-at-top-job/