- Push-out Score determined
- After about two years in the position
- Praise and thanks for White
- Dean Banks taking over
- White will remain as Executive Vice Chairman at Tyson Foods
(exechange) — Springdale, Arkansas, August 3, 2020 — Noel White, chief executive of Tyson Foods, leaves his position. As announced by Tyson Foods Inc. in a news release and in a regulatory filing published on Monday, August 3, 2020, Noel White leaves his post as chief executive officer at the meatpacker after about two years in the role, effective October 3, 2020.
Noel White’s duties as CEO will be taken over by Dean Banks, currently President of Tyson Foods Inc.
“Further our focus on team member health and safety”
Tyson Foods did not give an explicit reason for Noel White’s departure from the CEO post. John Tyson, Chairman of the Board of Tyson Foods, said: “It’s clear to the board that Dean’s impressive background in entrepreneurship, technology, and the healthcare industry make him ideally suited to lead Tyson in its efforts to integrate advanced technologies into our operations and further our focus on team member health and safety.”
White will remain as Executive Vice Chairman at Tyson Foods
“White, who led Tyson through a period of unprecedented volatility and uncertainty when he assumed the CEO role in 2018, will remain with Tyson in a new role as Executive Vice Chairman of the board of directors,” Tyson Foods said.
“Stepping down”
Tyson Foods said: “Dean Banks will succeed Noel White as Chief Executive Officer (CEO), while maintaining the role of President, effective October 3, 2020.”
Tyson Foods further said: “On July 31, 2020, Tyson Foods, Inc. (together with its subsidiaries, the “Company”) Chief Executive Officer Noel White, 62, notified the Company’s Board of Directors (the “Board”) that he was stepping down as the Chief Executive Officer of the Company, effective October 3, 2020.”
Share price decline
The announcement follows a decline in Tyson Foods Inc.’s share price of 32% since January 2020.
Chaired by John Tyson
Tyson Foods Inc. is chaired by John Tyson.
In the position of CEO since 2018
Noel White became CEO of the Company in 2018.
Noel White is President and Chief Executive Officer of the Company, having been appointed to that position in September 2018.
White has been a member of the Board since October 2018.
Prior to his appointment as President and Chief Executive Officer, he served as a Group President Fresh Meats and International and Chief Operations Officer for the Company in 2017, prior to which he served as a President, Poultry since 2013 after serving as a Senior Group Vice President, Fresh Meats since 2009.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Tyson Foods and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2020 ($).