- Push-out Score determined
- After less than one year in the position
- Praise for Banks
- Donnie King taking over
- Banks kept it short and said 43 words
(exechange) — Springdale, Arkansas, June 2, 2021 — Dean Banks, chief executive of Tyson Foods, leaves. As announced by Tyson Foods Inc. in a news release and in a regulatory filing published on Wednesday, June 2, 2021, Dean Banks leaves his post as chief executive officer at the largest U.S. meat producer after less than one year in the role, effective immediately.
Dean Banks’s duties as CEO will be taken over by Donnie King, most recently Chief Operating Officer at Tyson Foods Inc.
“Personal reasons”
Dean Banks’s departure from the CEO post is explained as follows. Tyson Foods said: “Current President and CEO Dean Banks is leaving the company and board for personal reasons.”
Precise information regarding Dean Banks’s future plans was not immediately available.
“Step down”
Tyson Foods said: “Mr. Banks will step down from his duties as President and Chief Executive Officer and resign as a member of the Board of Directors of the Company, effective as of June 2, 2021.”
Share price increase since October 2020
The announcement follows an increase in Tyson Foods Inc.’s share price of 35% since October 2020. October 2020 is the month in which Banks’s tenure as CEO began.
Chaired by John H. Tyson
John H. Tyson serves as Tyson Foods Inc.’s Chairman.
John H. Tyson is Chairman of the Board. Tyson has been a member of the Board since 1984, has served as Chairman since 1998, and served as Chief Executive Officer from 2000 until 2006.
In the position of CEO since 2020
Dean Banks became CEO of the Company in 2020.
Dean Banks has served as the Company’s President and Chief Executive Officer since October 3, 2020, having previously assumed the role of President effective December 20, 2019 and he has been a member of the Board since 2017.
Prior to joining the Company as President, Banks was a Project Lead and on the Leadership Team at X (formerly Google [x]), an Alphabet Inc. company, since 2016, prior to which he was a managing partner and interim CEO at SEED Ventures since 2015.
He has also previously served in leadership and consulting roles with IntraCelluar Technologies, now Vergent Bioscience, where he remains a board member; Cleveland Clinic Innovations and the Ohio Orthopedic Commercialization Center; OrthoHelix (acquired by Tornier, Inc.); Connective Orthopaedics; Highland Capital Partners; Cytyc Corporation (acquired by Hologic); and Ethicon Endo-Surgery, a Johnson & Johnson company.
Banks was the founding CEO and serves on the board of Vergent Bioscience, which develops molecular imaging probes for life science research and development.
He formerly served on the board of Connective Orthopaedics and as Chairman of Stratifund, Inc, an online crowdfunding educational platform.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dean Banks’s move 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 23.2021 ($).