May 28 (Reuters) – Tyson Foods on Thursday named former Procter & Gamble executive Jeff Schomburger as its new CEO, set to replace Donnie King in the role from October.
The shuffle at the top job comes as Tyson’s beef business loses money amid soaring costs for cattle and a persistent drought in the western U.S. that has burned up grazing lands, driving supplies to a 75-year low in 2026.
Schomburger, a member of the meatpacker’s board since 2016, had retired as the Global Sales Officer at P&G in 2019.
Donnie King, who has been with the company for over four decades, took over the helm in 2021 and helped Tyson Foods navigate several disruptions, including the COVID-19 outbreak.
He will remain on the company’s board and will work closely with Schomburger to ensure a smooth leadership transition over the next several months, the company said in a statement.
Shares of Tyson Foods were down 1.7% in premarket trading. They have risen 12.6% so far this year, but are down 17.6% since King took the helm.
Tyson Foods reported better-than-expected quarterly earnings and raised its full-year income forecast earlier this month, helped by strong chicken sales.
(Reporting by Neil J Kanatt in Bengaluru; Editing by Jonathan Ananda)
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