Ex-Tyson CEO to get
$6M severance pay
Tyson Foods Inc.'s former chief executive Dean Banks will get a $6 million severance package payable over the next two years, according to a recent government filing.
Banks left the Springdale-based company in June 2021 for personal reasons, he said at the time. He became Tyson's president in December 2019 and took on the CEO position in October 2020.
Donnie King, who was Tyson's chief operations officer, replaced him.
Banks' separation agreement stipulated that he would receive twice his annual base salary of $1.2 million, Tyson said in its annual proxy statement filed Dec. 22 with the Securities and Exchange Commission.
Banks will also get twice his annual target bonus of $1.8 million.
Tyson also said in the proxy statement that it will hold its annual shareholders meeting at 10 a.m. Feb. 10 at the Holiday Inn in Springdale.
Tyson has faced pandemic-related challenges over the past two years. Thousands of its employees tested positive for covid-19 and Tyson spent hundreds of millions of dollars on worker health and safety measures.
-- Serenah McKay
Factories, services
log growth in Texas
Despite challenges created by the coronavirus pandemic and supply-chain issues, the Texas economy continues to push ahead, with the state's manufacturing and service sectors both seeing growth in November.
Those are the findings from Federal Reserve Bank of Dallas surveys that take the pulse of executives in the manufacturing and service sectors. The service sector includes retail, hospitality, professional and technical services, and other businesses.
In the Texas manufacturing sector, respondents to the anonymous survey said rising costs and labor shortages continue to be a problem.
"The pace of expansion in the Texas manufacturing sector accelerated, despite widespread supply-chain disruptions and difficulty finding workers," said Emily Kerr, Dallas Fed senior business economist. "Cost pressures escalated further, with stronger increases seen in both raw materials prices and wages."
A majority of manufacturers said they expect supply disruptions to persist for more than six months.
-- Austin American-Statesman (TNS)
State index closes
at 789.72, off 1.10
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Tuesday at 789.72, down 1.10.
"Snapping a four-day rally, the S&P 500 closed slightly lower after hitting a record intraday high on Tuesday, as seven of the 11 major S&P 500 sector indexes closed higher," said Chris Harkins, managing director at Raymond James & Associates.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.