Dean Banks, the chief executive of Tyson Foods, has stepped down from the company citing personal reasons, and will be replaced with chief operating officer Donnie King, with immediate effect.
“The board and I know that Donnie has a deep understanding of our business, values and culture and the solid leadership skills needed to continue to implement our strategy and deliver strong results,” said John H. Tyson, chairman of the board. “We want to express our appreciation to Dean for his contributions as a board member and executive.”
“Being a part of Tyson Foods has been a very rewarding experience,” said Banks. “Upon deep personal reflection, and discussions with my family, the board, and my colleagues, I believe that stepping down and concentrating on my family is the right decision at this time.”
Tyson Foods is one of the world’s largest meat and poultry companies, and employs 139,000 people.