Stewart Glendinning is resigning from his position as president of prepared foods for Tyson Foods Inc. of Springdale, according to a company filing with the U.S. Securities & Exchange Commission on Thursday.
Glendinning told the company Tuesday has was stepping down effective Sept. 14. He has served as prepared foods president for 11 months after five-plus years as the company CFO.
Glendinning is leaving Tyson to become CEO of publicly traded fashion apparel retailer Express Inc. of Columbus, Ohio.
“Express has an outstanding portfolio of brands, a high-potential partnership with WHP and a premier omnichannel platform," he said in a news release. "Through a keen focus on execution and cost discipline, I am confident that we can better capitalize on these differentiators, increase the Company’s financial strength and create shareholder value. I look forward to leveraging my experience and to working closely with the Board and Express team to drive value creation for all our stakeholders."
No severance information was included in Tyson's SEC filing. In fiscal 2022, Glendinning earned total compensation of $4.4 million, including a base salary of $787,000.
“We are grateful for Stewart’s contributions throughout his time at Tyson Foods, including serving as Tyson’s chief financial officer and president of prepared foods,” Tyson Foods told Arkansas Business through a spokesman. “We wish him continued success in his new role. Prepared Foods continues to be a key growth pillar for Tyson Foods and we have a great team supporting it.”
Prepared foods has been a bright spot amid Tyson's struggles this year, remaining profitable as other segments have underperformed. Prepared foods generated $7.3 billion in revenue in the first three quarters of fiscal 2023, an increase from $7.2 billion in the same three quarters a year ago. Prepared foods’ revenue in 2022 was $9.7 billion, compared to $8.9 billion in 2021.
Glendinning joined Tyson Foods in December 2017 in preparation to take over as CFO, a role he assumed in February 2018, replacing Dennis Leatherby. Glendinning served as CFO until he moved to prepared foods in September 2023 to make room for John R. Tyson’s promotion to CFO.
Glendinning's departure adds to recent turnover in Tyson's executive ranks.
Brady Stewart replaced Shane Miller as head of the company's Fresh Meats division this year. Scott Spradley left his position as chief technology officer in January. In August 2022, the company fired Chris Langholz as president of the company’s International division.
Glendinning joined Tyson Foods from Molson Coors Brewing Co., where he served as president and CEO of its international division. He began his career at Molson Coors in 2005 as CFO of its UK division and subsequently held the positions of global CFO, president and CEO of the UK division and president and CEO of the Canada division. Before that, Glendinning served in senior financial positions with The Hackett Group and KPMG.