Tyson Foods has suspended its Chief Financial Officer, John R. Tyson, following his arrest on Thursday for driving while intoxicated.
The 34-year-old, a great-grandson of the company’s founder, was also charged with careless driving and making an illegal turn by the University of Arkansas police in Fayetteville.
Tyson, who joined the company in 2019 and is the son of Chairman John H. Tyson, was released later that day on a $1,105 bond. He is scheduled to appear in court on July 15. As per to the sources: finance.yahoo
In response to the arrest, Tyson Foods immediately suspended him and named Curt Calaway as interim CFO. Calaway has been with the company for 18 years, most recently as treasurer and senior vice president of finance and corporate development.
This marks Tyson’s second alcohol-related arrest in less than two years.
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In November 2022, he was charged with public intoxication and criminal trespassing after allegedly entering a stranger’s home and falling asleep in her bed. Following that incident, Tyson apologized companywide and sought counseling for alcohol abuse.
The recent arrest has cast doubt on Tyson’s future at the company, with CFRA analyst Arun Sundaram suggesting there are “legitimate concerns about his ability to continue as an executive officer.”
Sundaram also noted that Calaway would be a strong candidate for the permanent CFO position if Tyson Foods decides to part ways with John R. Tyson.
Tyson Foods’ shares fell by 1.5%, closing at $53.86 on Thursday.