Tyson Foods Names New CEO

Tyson Foods Inc. CEO Donnie Smith is stepping down and will be replaced by President Tom Hayes; this comes amidst a downbeat outlook for profit in the coming year, according to Dow Jones Business News.

 Hayes, who will also keep the role of president, previously oversaw all of Tyson's North American sales as chief commercial officer.

Tyson added Hayes to the board last week, increasing its size to 10 members, according to a recent regulatory filing.

Smith became CEO in 2009, and during his tenure, the company reportedly broadened its range of products and investments beyond its core business in meat processing. The company said Smith will be available to consult with Tyson for a three-year period.

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