Brad Sauer resigns from Tyson Foods’ board of directors
by February 27, 2017 11:59 am 1,031 views
Brad Sauer, retired executive from 3M, has resigned his post on the Tyson Foods board of directors. Sauer was re-elected earlier this month by shareholders to serve another one-year term. Tyson Foods announced Sauer’s resignation early Monday (Feb. 27).
“For nearly a decade, Tyson Foods has benefited greatly from Brad’s extensive business background and management expertise” said Tyson Foods Chairman John Tyson. “On behalf of the entire Board and management team, we thank Brad for his guidance and dedication as well as his oversight of the succession planning process. We’ll miss his insight and his commitment to helping develop our leaders and growing our company responsibly.”
The 57-year-old Sauer served as chairman of the board’s compensation committee last year, and was also deemed an independent director with no business or personal ties to the company, nor the Tyson family, which holds two of the now 10 positions. President and CEO Tom Hayes is also not an independent director.
Sauer has been a director at Tyson Foods for nine years through three CEO changes, including the interim when Leland Tollett took over from the departing Dick Bond in January of 2009. Last year, he earned compensation of $265,000, of which $150,000 was paid in stock, according to the company’s Proxy filing with the Securities and Exchange Commission.
“After a great deal of thought, I believe now is the ideal time for me to step down from the Board,” Sauer noted in the news release. “Our new CEO and leadership team are in place, the company’s go-forward strategy is set and we have outstanding new Directors who have joined our experienced board. I have no doubt the company’s success will continue under their leadership and at the same time, I am looking forward to spending more time on other activities and with my family.”
Tyson Foods said Sauer’s resignation is effective immediately and there are no plans to add another director; however, the company is continually looking at board candidates with diverse backgrounds and experiences and would consider adding another director with the right mix of those qualities.
The current board consists of 10directors, including Chairman John Tyson; Gaurdie E. Banister Jr.; Mike Beebe; Mikel A. Durham; Tom Hayes; Kevin M. McNamara; Cheryl S. Miller; Jeffrey K. Schomburger; Robert Thurber and Barbara A. Tyson.