Tyson Foods is conducting an independent review of the events that led to the November 6 arrest of John R. Tyson, the recently appointed chief financial officer of the company.
The matter was addressed on November 14 by Tyson himself, as well as Donnie King, the company’s CEO, during the company’s quarterly earnings call and a separate conference call with reporters that followed shortly thereafter.
Authorities in Fayetteville, Arkansas, arrested Tyson on suspicion of public intoxication and criminal trespass. He posted bond and was released later that day and has since returned to his job.
According to reports, Tyson was found in the residence of a college-aged woman, who upon returning home, found Tyson, whom she said she did not know, asleep in her bed. The woman apparently called police, who upon arrival in the residence found his wallet inside his pants on the floor, which identified him as Tyson. Once officers determined that nobody had invited him to the residence, Tyson, who reportedly smelled like alcohol, was taken into custody.
About 28 minutes into the call, after Tyson gave an update on the company’s most recent financial results and progress being made with the company’s growth strategy, he addressed the incident.
“I want to take a moment to address an important issue,” Tyson said. “I’m sure you’ve seen the recent incident involving me. I’m embarrassed and I want to let you know that I take full responsibility for my actions. I also want to apologize to our investors as I have to our employees. This was an incident inconsistent with our company values, as well as my personal values. I just wanted you guys to hear this directly from me and to know that I’m committed to making sure that this never happens again.”
Following Tyson’s remarks, King also addressed the matter, telling investors and analysts of the investigation that is underway.
“Like John, the company takes this matter seriously,” King said. “Tyson Foods has a strong, robust corporate governance process. Our independent board of directors are overseeing a thorough review of this matter, and I’m confident in this independent process.”
During the media call, King was asked to elaborate on the review process, including just who would be conducting that review and the types of questions that would be asked during the review, but King declined to directly identify who was conducting the review and offered little more information.
“We have a robust governance program in place. We’ve had it in place for a long time just for situations like this. We’ve got an independent group of our board of directors that are overseeing a thorough review of this matter, and I’m confident in this independent process which we will allow to run its course,” he said.
A pair or reporters also asked Tyson directly about the situation. One asked what exactly was going through his mind on the evening of the arrest and to give an update on how the police investigation is going, while another asked him to comment on reports that he intended to receive counseling related to alcohol use.
Tyson also offered little detail.
“I’ve said my previous remarks on this matter to our team members last week and again on this morning’s call to our investors. I take full responsibility for my actions and I’ve got nothing else to add at this point,” Tyson said.
Tyson, a fourth generation Tyson family member, was named the chief sustainability officer of Tyson Foods in 2019. Then, in September 2022, Tyson was promoted to the position of chief financial officer, succeeding Stewart Glendinning, who was appointed to take on the position of Group President, Prepared Foods. Glendinning replaced Noelle O’Mara in that capacity, with the company stating that O’Mara “decided to pursue other opportunities.”
Prior to joining Tyson Foods, Tyson held various roles in investment banking, private equity, and venture capital, including at J.P. Morgan.
