Tyson Foods announces planned CEO change

Tyson Foods CEO Donnie King will step down in October at the end of the meat giant’s fiscal year. King, who has been with Tyson foods for 43 years, was brought out of retirement in May 2021 to stabilize the Springdale-based company.

King, 64, is being succeeded by a Tyson board member who has no operational experience in the company. King will remain on the board of directors, a position he has held since 2022.

“Donnie King’s long tenure at Tyson Foods, including his leadership as CEO, has strengthened our business and shaped our culture,” said board Chairman John H. Tyson. “We are grateful for his steady guidance and look forward to continuing to leverage his expertise within the board.”

Jeffrey Schomburger, 64, a board member at Tyson Foods since 2016, will succeed King as CEO in October. He will join the company as an employee on July 1 and work with King in the transition, which will be effective Oct. 4.

Wall Street balked at the news, sending Tyson Foods shares down more than 4.5% in early trading.

Schomburger has been the lead independent director on the Tyson board since November 2025. He has never worked in food processing or the agricultural business. He spent 35 years at Procter & Gamble working in sales and marketing leadership roles. In the last 10 years of his career, he was global sales officer for P&G’s Walmart business.

Chairman Tyson said Schomburger has worked with King since 2015, providing board oversight and engaging with leaders in Tyson’s business.

“The board and I are confident in Jeff Schomburger’s ability to lead Tyson Foods into its next chapter of growth,” said Chairman Tyson. “His experience will help us accelerate our strategic priorities and unlock new ways to win with customers and consumers — a key focus of our growth strategy. The board looks forward to working with Jeff to drive sustainable growth, enhance shareholder value, and build on the strong momentum Tyson Foods has established.”

This is not the first time Tyson Foods has looked to its board of directors to find a CEO. Between 2016 and 2021, Tyson had three different CEOs, starting with Tom Hayes, a marketing exec from Hillshire Farms who held the post for 20 months before his departure in September 2018.

Noel White, at age 61 and a longtime Tyson executive, took the helm after Hayes. White retired in 2022. The company then hired board member Dean Banks, a technology exec who had never worked in food processing, as its next CEO. Banks lasted eight months in the role, then Tyson hired King out of retirement to run the company.

King consolidated corporate offices in Springdale, managed the company through the COVID pandemic, and has managed it through the ongoing challenging beef industry.

Schomburger will receive annual compensation of $1.6 million, and his annual incentive target will be 200% of base salary. His annual long-term incentive target will be $11 million. In connection with his appointment, he will also receive restricted stock valued at $2.8 million to be granted on July 10. That stock will vest at 33% each year over the next three years following the grant date.

The contract also states that upon termination by the company without cause or if Schomburger resigns for good reason, he will earn two years’ base salary plus up to two years’ cash bonus and medical coverage for 18 months. Schomburger will also receive a $75,000 relocation pay and personal use of the company-owned aircraft for up to 30 hours per calendar year.

“I am honored to step into this leadership role and committed to building on the exceptional foundation and legacy of Tyson Foods,” Schomburger said in a statement. “I’m energized by the opportunity to strengthen our iconic brands with superior products, capitalize on emerging opportunities through AI acceleration, and continue to win with customers and consumers. I am grateful to the board for their confidence, and I look forward to working with our outstanding leadership group and team members to strengthen Tyson Foods’ market leadership for years to come.”