March 20, 2023

Tyson Meals’ CEO pay up 33%; firm makes administration modifications

Tyson Meals, the most important U.S. meat processor, reported a report fiscal income of $53.28 billion and internet revenue of $3.249 billion, which led to larger pay for many firm’s executives, in line with a submitting with the U.S. Securities and Alternate Fee on Wednesday (Dec. 21).

Tyson Meals CEO Donnie King earned complete compensation of $12.014 million, up 33% from final yr. King’s base wage of $1.296 million was raised from $980,464 final yr. Inventory awards elevated to $5.125 million, a achieve of 39% yr over yr. Bonus pay rose to $3.432 million and is tied to the corporate’s total monetary efficiency. Final yr King’s bonus pay totaled $2.679 million. King additionally acquired $1.65 million in inventory choices, in comparison with $1.425 million earned a yr in the past. Different compensation totaled $509,698 this yr, up from $245,284 a yr in the past. King can also be a board member for which he receives no added compensation.

Stewart Glendinning served as the corporate’s chief monetary officer for a number of years, together with fiscal 2022. His complete compensation totaled $4.438 million, down from $5.238 million a yr in the past. Glendinning’s base wage was $787,000 unchanged from the prior yr, bonus and inventory awards had been a bit decrease from the year-ago interval. Glendinning has since transitioned to handle the corporate’s ready meals division.

Glendinning was changed by John R. Tyson, who took over as CFO to start out fiscal 2022. Tyson’s earnings will not be a part of the proxy submitting, however his base wage was $650,000 a yr in his contract, which was made public in September. Glendinning assumed the function of president for ready meals, a job that was vacated by Noelle O’Marra final yr. O’Marra earned complete pay of $4.641 million final yr at Tyson Meals.

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Chief Expertise Officer Scott Spradley had complete compensation of $4.982 million. His base wage was $696,615, and his annual bonus pay totaled $1.121 million. Spradley additionally had inventory and choice awards totaling greater than $2 million and different incentives that got here to $191,546.

Amy Tu, chief authorized counsel and company secretary for Tyson Meals, earned complete pay of $4.982 million, up from $4.73 million within the prior yr. Tu’s base wage rose to $727,000, up 13% yr over yr. Her inventory and choice awards rose to $2.686 million, up from $2.375 million a yr in the past. Bonus pay totaled $1.276 million, down from $1.476 million final yr. Her different compensation was on par with a yr at $268,000.

Tu was not too long ago promoted to president of Worldwide enterprise and chief administrative officer, increasing her management function as chief authorized officer and secretary, world governance and company affairs. The worldwide president function Tu assumed was not too long ago held by Chris Langholz. Previous to his termination, Langholz’s complete pay was $4.405 million, down from $5.289 million the prior yr.

Tyson Meals additionally introduced that Shane Miller, who led the corporate’s contemporary meats enterprise out of Dakota Dunes, S.D., was retiring and never making the transfer to Northwest Arkansas. The corporate tapped Smithfield govt Brady Stewart to take over for Miller early subsequent yr. Stewart will report back to King and be chargeable for the meat and pork divisions at Tyson Meals. The corporate stated he’ll concentrate on optimizing the enterprise processes and constructing efficiencies all through the enterprise segments.

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Stewart has greater than 20 years of expertise within the meat protein enterprise. Throughout his time at Smithfield, Stewart led the corporate’s pork enterprise overseeing greater than 500 company-owned farms and 46 manufacturing amenities. He additionally labored to vertically combine the provision chain. Stewart led sourcing and procurement, transportation, warehousing and logistics for Smithfield’s home provide chain. He spent 5 years at Smithfield and 14 years working in govt roles at Pine Ridge Farms and sister firm Kansas Metropolis Sausage.