Tyson Foods Inc. announced Monday the president of the company will also become its new chief executive officer.
Dean Banks will succeed Noel White at the Springdale-based corporation, while continuing in his role as its president, on Oct. 3, according to a news release. White, who became CEO in 2018, will become the executive vice chairman of the board of directors, the release states.
“The board and I are truly excited about the breadth and depth of capabilities of Dean and the entire executive leadership team, and we look forward to the energy and vision they will bring in leading Tyson Foods into the future,” John Tyson, chairman of the board of Tyson Foods, said in the release. “It’s clear to the board that Dean’s impressive background in entrepreneurship, technology, and the healthcare industry make him ideally suited to lead Tyson in its efforts to integrate advanced technologies into our operations and further our focus on team member health and safety.”
The announcement of the CEO job change came as Tyson released results for its fiscal third-quarter.
The company posted a profit of $527 million, or $1.44 a share, down from $676 million, or $1.84, a year ago.
Earnings, adjusted for non-recurring gains, came to $1.40 per share. Revenue was $10.02 billion.
The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share, The Associated Press reported.
Tyson shares were up about 1% in morning trading.
This story was originally published at 7:42 a.m.