The CEO of Tyson Foods is stepping down from the position after just eight months in the role, citing personal reasons.
“Tyson Foods, Inc. (NYSE: TSN) announced today that Chief Operating Officer Donnie King has been named President and Chief Executive Officer, effective immediately. Current President and CEO Dean Banks is leaving the company and board for personal reasons,” the company announced on Wednesday.
Banks became the fourth CEO of the company in five years in October, taking the reins from Noel White, who was with the company for 37 years, CNBC reported.
King has been in the industry for more than 36 years and has experience in executive leadership positions and executive oversight.
“I’m humbled but excited about leading Tyson Foods, a company that feeds millions of people and means so much to me personally,” King said. “I believe we need to be sharply focused on operating with excellence, executing our strategies, and continuing to innovate across our businesses throughout the world. With our strong leadership team, we are committed to winning with our customers and delivering an outstanding team member experience.”
King replaces Banks as CEO immediately. The outgoing executive praised his time at Tyson Foods but did not provide further details on his exit.
“Being a part of Tyson Foods has been a very rewarding experience,” Banks said. “Upon deep personal reflection, and discussions with my family, the board, and my colleagues, I believe that stepping down and concentrating on my family is the right decision at this time.”