Tyson Foods outlines compensation for Cole and Stewart

Devin Cole, 55, was named chief operating officer at Tyson Foods on Sept. 2. His employment contract was amended per a filing with the U.S. Securities and Exchange Commission on Sept. 5.

Cole’s promotion follows the recent termination of Brady Stewart, who was group president of prepared foods, beef and pork and chief supply chain officer for the past two years. Stewart was terminated for breach of conduct for undisclosed actions that violated the company’s ethics code. Stewart will receive some compensation that was outlined in the SEC filing.

Cole oversaw the poultry and international business at Tyson Foods since March, and oversaw Tyson’s global business with McDonald’s since March 2023. He also worked at Tyson between 1995 and 2014 in various management roles. Between 2014 and 2024, he was chief operating officer at George’s Inc.

He signed a new contract with an annual base salary of $1.35 million. The board of directors increased Cole’s target annual incentive plan award to 160% of his annual base salary. He also received a one-time grant of restricted stock units with a fair market value of $172,000 awarded under the company’s stock incentive plan. Cole also participates in the company’s long-term incentive program, with a target annual long-term incentive award of $5,9 million, with a mix of 25% paid in stock options, 25% paid in restricted stock and 50% in performance stock. He also does not have any family relationships with company directors or executive officers, according to the filing.

Tyson said Stewart entered into an agreement for the release of claims against the company. Under that agreement, Stewart will be eligible for separation benefits, including the vesting of his long-term incentive awards, pro-rated based on the time he was employed, and an annual incentive plan payment for this fiscal year based on his target eligibility. He also will receive twice his annual salary of $568,384 paid to him in equal installments over 24 months following his departure.

The foregoing payments and benefits are subject to Stewart’s release of claims against the company and his reaffirmation of his commitment to comply with his existing restrictive covenants and confidentiality obligations.