April 26, 2023
Tyson Foods, the largest U.S. meat company by sales, is planning to lay off about 10% of its corporate jobs and 15% of its senior leadership roles. This move is part of the company's cost-cutting strategy as it struggles with declining profits and aims to improve its iconic chicken business.
Tyson Foods' CEO, Donnie King, told employees about the layoffs on Wednesday, and discussions with affected employees are expected to take place this week. King said the company will drive efficiency by focusing on fewer initiatives with greater intensity and removing duplication of work.
As of October 1, 2022, Tyson Foods had about 6,000 U.S. employees working in corporate offices and 118,000 workers at non-corporate sites such as meat plants and warehouses, according to regulatory filings.
The roles eliminated in senior leadership are mostly vice presidents and senior vice presidents. However, the role of finance chief is not among those being eliminated, a spokesperson said.
Tyson Foods has made several changes to its senior executive ranks in recent months. The company fired Chris Langholz as president of its international business in August, and in September, Tyson said Noelle O’Mara, who led its prepared foods division, had left the company. John R. Tyson, great-grandson of the company’s founder, took over as finance chief.
Tyson Foods has struggled for years to improve results in its chicken unit, and in March, the company announced that it would close two U.S. processing plants with almost 1,700 employees. Adjusted earnings of 85 cents per share in the quarter ended Dec. 31 were down 70% from a year earlier. Tyson is set to report its next quarterly earnings on May 8.
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