Tyson Foods: Tom Hayes
Why this is a Big Quit:
This isn’t the first time a CEO, ahem…chickened out…from Tyson Foods after 2 years on the job. Tom Hayes announced in September that he will step down for personal reasons and be succeeded by a company veteran.
It arrives at a time where the company faces unusually declining demand for chicken and falling meat prices. During his tenure, Hayes was able to beef up some of Tyson’s presence in prepared foods by acquiring several companies, including Keystone Foods, the supplier of McDonald’s chicken nuggets.
Why this is not as big as the Top 10:
While Hayes took significant steps to focus on sales of packaged and prepared foods which have better profit margins than raw meat, these organizational changes are overshadowed by the changes in the market.
Consumers want affordable, healthy options that are easy to prepare. Hayes’ limited tenure minimized any lasting impact for Tyson foods, the outlook is the same as before and not a Big Quit.