- Push-out Score suggests push-out forces
- After almost ten years in the position
- Praise and thanks for Leatherby
- Stewart Glendinning taking over
- Leatherby spoke at length and said 80 words
(exechange) — Springdale, Arkansas, November 08, 2017 — Dennis Leatherby, finance chief of Tyson Foods, leaves. As announced by Tyson Foods, Inc. in a news release and in a regulatory filing published on Wednesday, November 08, 2017, Dennis Leatherby leaves the post as Chief Financial Officer at the food company after almost ten years in the position, effective February 10, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.7 years, according to data compiled by exechange.
Leatherby’s move comes ten months after Tom Hayes took over as CEO of Tyson Foods, Inc.
Leatherby’s duties are taken over by Stewart Glendinning, most recently President & CEO, International at Molson Coors Brewing Company.
The fact that Leatherby’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“To pursue the next chapter in my life”
Leatherby’s departure from the post of CFO is explained as follows. Dennis Leatherby said: “Tyson Foods is primed to launch its next phase of growth and now is the right time for me to pursue the next chapter in my life, including spending more time with my extremely supportive family and friends.”
The phrase “to pursue the next chapter in my life” opens the door to speculation.
Precise information about the future plans of Leatherby was not immediately available.
Tyson Foods said: “On November 8, 2017, Tyson Foods … announced that Dennis Leatherby would relinquish and transition the duties of Executive Vice President and Chief Financial Officer of the Company, effective February 10, 2018 …, to Stewart T. Glendinning, who was appointed by the Company’s Board of Directors on November 6, 2017 to succeed Mr. Leatherby.”
Share price rise since June 2012
The change follows a rise in the share price of Tyson Foods, Inc. since June 2012.
Chaired by John Tyson
Tyson Foods, Inc. is chaired by John Tyson. He has been Chairman since 1998.
CEO: Tom Hayes
Tom Hayes serves as CEO of Tyson Foods, Inc. Thomas P. Hayes has been the President of Tyson Foods, Inc. since June 13, 2016 and has been Chief Executive Officer since December 31, 2016.
Donnie Smith had left the post as Chief Executive Officer at the food company in a surprising move after about seven years on the job, effective December 31, 2016.
In the position of CFO since 2008
Dennis Leatherby has been the Chief Financial Officer and an Executive Vice President at Tyson Foods, Inc. since June 2008.
Dennis Leatherby, who has served Tyson Foods as Chief Financial Officer since 2008, will remain in that capacity until February 10, 2018.
To ensure a smooth transition, Glendinning will join the company on December 11, 2017, and Leatherby will stay with the company until April 2018.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Dennis Leatherby’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 46.2017 ($).