Tyson chair ends executive function |
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Fri, 28 Sep 2007 21:30
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SPRINGDALE, Ark. (AP) - Meat producer Tyson Foods Inc. on Friday said Chairman John Tyson will step down as an executive, although he remains chairman, effective immediately.Tyson will continue to lead the board of directors, but senior executives including the company's general counsel and senior vice president of external relations will now report to Chief Executive Richard Bond.Tyson, 54, will be an adviser under terms of a new contract, which replaces his contract which was set to expire in February 2008.It also replaces Tyson's commitment to enter into a 10-year senior executive employment agreement.According to a filing with the Securities and Exchange Commission, the new role cancels Tyson's annual base salary of $1.2 million and eligibility for any annual bonus. Instead, Tyson will receive $300,000 per year and other benefits, according to an agreement that expires in 2017, unless terminated earlier.The new contract also halves Tyson's existing grant of Class A restricted shares to 780,000 from about 1.6 million.The agreement allows Tyson Foods to begin its fiscal year next week under the new organizational structure, Tyson Foods said.Shares fell 6 cents to close at $17.85.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Tyson chairman reduces role 