Tyson chairman reduces role |
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Published
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Fri, 28 Sep 2007 21:21
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SPRINGDALE, Ark. (AP) - John Tyson, grandson of the founder of Tyson Foods Inc., will cut back on his role as chairman of the board and hand more authority to Chief Executive Richard Bond, the company said Friday.Tyson will remain as chairman, including overseeing strategy, but will act as an adviser rather than an executive. Two top executives who had reported to him will now report directly to Bond.Tyson, 54, has been board chairman since 1998 and was chief executive from 2001 to 2006, when Bond took over. Tyson led a 2001 merger with meatpacking giant IBP Inc. that made Tyson Foods the world's largest meat processor.The chairman's compensation package will be cut under new terms that take immediate effect, according to a regulatory filing by the company. Tyson will be paid $300,000 a year instead of $1.17 million plus bonuses, and his annual restricted stock grant will be halved to 780,000 shares.In a news release, the company said the change in John Tyson's role was in line with succession plans made when Bond took over as CEO in 2006.'I have full confidence in Dick Bond and the rest of the management team to continue to move this company forward,' Tyson said in a statement. 'As chairman of the board of Tyson Foods, I will remain involved in overseeing the strategic direction of the company.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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