As beef profit margins are under pressure, Tyson Foods announced a major leadership team overhaul.
John R. Tyson will take over as chief financial officer of Tyson Foods on Oct. 2. replacing current CFO Stewart Glendinning who will transition to group president of Prepared Foods, the company announced.
John R. Tyson started in 2019 as executive vice president of strategy and chief sustainability officer. He is a member of the family that founded the Arkansas based company and son Chairman Board of Directors, John H. Tyson.
“These shifts draw on the individual strengths of these leaders and the broad expertise that exists within the company’s management team,” Tyson Foods CEO Donnie King said in a statement. “Stewart has the financial and operational background, as well as the proven organizational management skills, needed to help unlock the full potential of our iconic consumer brands within Tyson’s Prepared Foods business”.
Glendinning joined Tyson Foods in 2017. He replaces Noelle O’Mara who left to pursue other opportunities.
According to the Wall Street Journal the change comes as Tyson Foods faces problems fulfilling customer orders and is lowering sales volumes in its prepared food business. Increases in labor costs, as well as feed ingredients, live animals and freight costs are impacting the company.