John Tyson Steps Down, Richard Bond New Tyson CEO

Tyson Foods Inc. president and CEO John Tyson is stepping down as part of a planned succession in which former IBP Inc. CEO Richard Bond will take his place.

Bond is only the company's second CEO that is not a member of the Tyson family.

Tyson Foods' CFO, general counsel and senior vice president of external relations will continue to report to John Tyson.

Last year he was the state's highest paid executive among Arkansas public companies.

Tyson today also approved a quarterly dividend of 4 cents a share on Class A common stock and 3.6 cents a share on Class B common stock, payable on Sept. 15 to shareholders of record at the close of business on Sept. 1.

Shares of Tyson (NYSE: TSN) were trading at $16.46 on Friday after closing at $15.55 on Thursday.