Tyson Foods meeting marks 90 years, elects slate of directors
by February 6, 2025 3:31 pm 743 views
Tyson Foods’ early origins were in downtown Springdale more than eight decades ago with the Tyson Feed & Hatchery business founded by John W. Tyson.
Tyson Foods used Thursday’s (Feb. 6) shareholders meeting to mark 90 years as a company since its humble beginnings in 1935 when founder John W. Tyson primarily sold chickens in larger markets in the U.S. midwest.
“As we mark the 90th anniversary of Tyson Foods, we reflect on the decades of hard work that have transformed our business into a global, world-class food company,” said Chairman John Tyson, grandson of the company founder. “I am confident we are working on the right things at the right time with the right effort every day to meet our goals. I’d like to thank our dedicated team members, and all the communities in which they live and work, as well as our shareholders for their ongoing support.”
He said the company has come a long way from a building on Emma Street in downtown Springdale to today’s global food company with 138,000 employees and recent fiscal-year revenues topping $53 billion.
John Tyson called the meeting to order around 10 a.m., and it lasted 21 minutes. Shareholders elected the slate of 13 directors to a term of one year with 71-year-old Tyson as the chairman and Noel White, 66, as executive vice chairman. Other directors are: Les Baledge, 67; Mike Beebe, 77; Maria Borras, 55; David Bronzczek, 70; Donnie King, 62; Maria Martinez, 67; Kevin McNamara, 68; Cheryl Miller, 52; Kate Quinn, 60; Jeffrey Schomberger, 62; and Barbara Tyson, 75, aunt of John W. Tyson. The directors were elected with a majority of votes cast.
Jonathan Mariner retired after six years on the board, and John Tyson thanked him for his contributions to the board noting that he chose not to seek reelection. Tyson opted to hold its board size to 13 following Mariner’s resignation.
Shareholders ratified the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the 2025 fiscal year and voted against the sole shareholder proposal put forward this year. That proposal was brought by the American Baptist Society and other faith-based organizations. A representative said Tyson workers continually voice concerns over deteriorating working conditions, and the company should address poor working conditions. The resolution also called for shareholder voting disclosure with the Class B restricted shares that carry a 10:1 ratio over Class A shares.
The Tyson board of directors was against making future disclosure of voting results noting the company already provides comprehensive information about capital structure and security ownership through existing disclosures.
Tyson Foods Chief Financial Officer Curt Calloway said the company’s plan in early 2024 was to improve operational execution and drive better results for shareholders. He said 2024 showed improvements in profitability over a challenging 2023. At fiscal 2024 year-end on Sept. 27, the company had $1.7 billion in free cash. Last year the company paid dividends of $684 million to shareholders of record. In the first quarter of fiscal 2025, Tyson paid $175 million in shareholder dividends. The board also raised the annual dividends for fiscal 2025 to $2 per share, a significant milestone, Calloway said.
Shares of Tyson Foods (NYSE: TSN) closed Thursday at $57.43, up 70 cents. For the past 52 weeks, shares have traded between $51.16 and $66.88.