US Markets
Thursday, June 13th, 2024 6:53 pm EDT
Key Points
- Tyson Foods has suspended its Chief Financial Officer, John R. Tyson, following his arrest for driving while intoxicated in Arkansas, appointing Curt Calaway as interim CFO.
- John R. Tyson, 34, was arrested at 1:32 a.m. and released nine hours later; this follows a 2022 incident where he was arrested for becoming intoxicated and falling asleep in the wrong house shortly after being named CFO.
- Tyson, who joined the company in 2019 after a career in investment banking, private equity, and venture capital, is the son of the company’s chairman and great-grandson of the founder, raising some concerns on Wall Street regarding his rapid rise to the CFO position.
Tyson Foods announced on Thursday the suspension of its Chief Financial Officer, John R. Tyson, following his arrest for driving while intoxicated in Arkansas. The company has appointed Curt Calaway as interim CFO. Tyson, 34, was taken into custody at 1:32 a.m. and released nine hours later from Washington County Detention Center. Tyson Foods, headquartered in Springdale, Arkansas, has faced scrutiny over John R. Tyson’s actions, particularly in light of his prior arrest in 2022. Just two months after assuming the CFO position, he was found intoxicated and asleep in the wrong house. Following this incident, Tyson publicly apologized to investors during the company’s earnings call and subsequently pleaded guilty to the charges. John R. Tyson, who is the son of the company’s chairman, John H. Tyson, and the great-grandson of founder John W. Tyson, joined the company in 2019. His appointment came after a career in investment banking, private equity, and venture capital, but it raised some concerns on Wall Street due to his rapid ascent to a high-ranking position within the family-controlled business. The recent events have added to the scrutiny surrounding his role and conduct as a key executive in the company.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/06/13/tyson-foods-suspends-cfo-john-r-tyson-after-second-arrest.html
