Tyson Foods Suspends CFO John R. Tyson following DUI Arrest
ICARO Media Group
Tyson Foods, one of the largest food companies in the United States, has suspended its Chief Financial Officer (CFO), John R. Tyson, after he was arrested for driving under the influence (DUI). The company issued a statement announcing the suspension and named Curt Calaway, an executive with 18 years of experience at Tyson Foods, as the interim CFO.
According to the Washington County Sheriff's Office, Tyson, aged 34, was arrested early Thursday morning at 1:32 a.m. CST. The charges against him include driving while intoxicated, making improper turns and a U-turn, as well as careless driving. Tyson will be required to appear in court to address these allegations. He was released later in the day at 10:41 a.m.
This is not the first legal issue for John R. Tyson. Last year, he pleaded guilty to criminal trespass and public intoxication charges after being found sleeping in someone else's home shortly after becoming the company's CFO. At the time, Tyson publicly acknowledged his wrongdoing, expressing embarrassment and taking full responsibility for his actions. He also apologized to investors and employees, stating that the incident was inconsistent with both company values and his personal values.
Prior to becoming CFO, Tyson served as Tyson Foods' chief sustainability officer. The company's shares saw a slight decline of more than 1.5% in Thursday afternoon trading, which has led to concerns among investors. Analyst Arun Sundaram from CFRA remarked that the board may have to consider the situation and determine when enough is enough.
Meanwhile, Curt Calaway will take over as interim CFO immediately. Calaway has been with Tyson Foods for a significant amount of time, serving as the CFO for the prepared foods division. He also takes charge of the company's merger and acquisitions and corporate development efforts, demonstrating his expertise in financial operations and strategic planning. Calaway has previously held senior vice president roles in finance and treasury, as well as serving as the controller and chief accounting officer.
John R. Tyson is not only the CFO of Tyson Foods but also the son of Tyson Foods Chairman and former CEO, John H. Tyson. The company's leadership faces a challenging decision in handling this recent incident involving the CFO.
It remains to be seen how Tyson Foods will address the situation, but the company is likely to prioritize upholding its values and ensuring the trust of investors and stakeholders in the midst of these legal troubles.