USA – Tyson Foods Inc. has confirmed the appointment of Curt Calaway as its Chief Financial Officer, effective August 29, following his role as interim CFO since June.
This leadership change comes after John R. Tyson, the company’s previous CFO, was arrested for driving while intoxicated in Fayetteville, Arkansas, on June 13.
Tyson Foods has stated that John R. Tyson, who is a great-grandson of the company’s founder and son of its current chairman, is still with the company but is currently on health-related leave.
Donnie King, Tyson Foods’ president and CEO, expressed confidence in Calaway’s capabilities, describing him as a seasoned leader with extensive industry expertise in financial strategy and reporting.
King noted that Calaway’s leadership would continue to advance the company’s operational goals and enhance shareholder value.
Before stepping into the CFO role, Calaway was the CFO of Tyson’s prepared foods business segment, where he oversaw mergers and acquisitions as well as corporate development.
He also served as senior vice president of finance and treasurer since joining the company in April 2021.
Throughout his 18-year tenure at Tyson Foods, Calaway has held various leadership positions, contributing to investor relations, treasury, corporate finance, mergers and acquisitions, corporate development, risk management, and supply chain finance.
His earlier career includes 11 years at PricewaterhouseCoopers, where he held several key roles, according to his LinkedIn profile.
The announcement of Calaway’s appointment coincides with Tyson Foods’ recent financial performance, which has shown signs of improvement.
The company reported stronger-than-expected results for the third quarter, driven by a resurgence in consumer demand for its meat products. Analysts attribute this uptick to lower grain prices, which have decreased the cost of animal feed.
After experiencing a downturn in sales in 2023, Tyson Foods is now witnessing a shift in consumer behavior, with more people opting to cook at home rather than dine out due to rising restaurant costs.
This trend has boosted Tyson’s sales, particularly in the third quarter, where the company saw a 1.6% increase in net sales, reaching US$13.35 billion, surpassing analysts’ expectations of US$13.24 billion.
Despite these gains, Tyson Foods maintains that its full-year revenue will likely remain consistent with fiscal 2023 levels.
The company’s beef segment, which is its largest, reported a 4.4% increase in volumes, building on the previous quarter’s growth of 2.8%.
This growth was attributed to higher average carcass weights, and prices in this segment rose by 1.4% despite ongoing challenges related to limited cattle supply.
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