Tyson Foods veteran Noel White took over as CEO of the meat giant effective Sept. 30, after the abrupt resignation of Tom Hayes, who held that role for just under two years.
White signed a contract Oct. 4 amending his compensation and benefits in accordance with his new duties as CEO. The new contract was filed with the Securities and Exchange late Friday (Oct. 5).
White will earn a base salary of $1.15 million, slightly more than Hayes earned according to the most recent Proxy filing. Hayes earned a base salary last year of $1.105 million, with perks and performance bonuses taking his total compensation up to $8.9 million.
As group president of Tyson Fresh Meats and International divisions, White earned a base salary of $835,786 last year. His total pay with bonus and perks was $5.986 million. In his new role as CEO, White will also receive performance incentives as well as stock awards under an equity incentive compensation plan. White also have access to Tyson’s private aircrafts for his personal use, so long as it doesn’t interfere with Tyson’s use of the aircraft.
White also secured a seat on Tyson’s board of directors as CEO. Tyson Foods has not said who will fill the position vacated by White. Analysts expect White to make a few changes to his executive team which is customary for a new CEO. White is tasked with integrating the companies recent acquisition of Keystone Foods, paying down debt and navigating some still tricky export markets, while also growing the company’s higher-margin prepared foots business, which comprises roughly 20% of the total company revenue.