Tyson Foods Inc will eliminate about 10% of corporate jobs and 15% of senior leadership roles, Chief Executive Donnie King told employees on Wednesday.
The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. REUTERS/Arnd Wiegmann/File Photowill eliminate about 10% of corporate jobs and 15% of senior leadership roles, Chief Executive Donnie King told employees on Wednesday.
Discussions with most affected employees are slated to take place this week, King said in a memo to employees seen by Reuters. Shares closed 1.1% lower at $60.35 on Wednesday. Tyson had about 6,000 U.S. employees working in corporate offices as of Oct. 1 and 118,000 workers at non-corporate sites such as meat plants and warehouses, according to regulatory filings.
"The frequent changes in the leadership team over the past few years suggest that there are inefficiencies within the corporate offices," said Arun Sundaram, senior equity analyst at CFRA Research.wrongly predictedThe company has struggled for years to improve results in its chicken business and said in March it willMeatpackers generally increased pay for plant workers during the pandemic.
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