Tyson Foods Inc. of Springdale on Thursday announced that company heir John R. Tyson will not resume his role as CFO and named Curt Calaway as his replacement.
Calaway had held the role on an interim basis since June 13 after Tyson, the son of company chair John Tyson, was arrested in Fayetteville on alcohol-related charges. University of Arkansas police charged John R. Tyson with driving while intoxicated, careless driving and making an improper turn/U-turn.
Tyson Foods suspended John R. Tyson from his CFO duties after his arrest. The company said Thursday that he was “currently on health-related leave” but remains with Tyson Foods.
The arrest in June was Tyson’s second on alcohol-related charges since November 2022. He pleaded guilty in January 2023 to misdemeanor charges of criminal trespass and public intoxication in 2023 after a woman found him asleep in her bedroom; he was fined $440.
In the latest case, John R. Tyson pleaded not guilty to DWI in Washington County District Court on July 17. He originally had a court date scheduled for Wednesday but that appearance was rescheduled for Sept. 25.
John R. Tyson’s behavior had raised questions about his future with the company, over which his family maintains significant control. The Wall Street Journal and Fortune published lengthy reports about his legal troubles this month.
Tyson Foods’ handling of the arrests also drew concerns about the company’s corporate governance. Rather than hire an external firm to review John R. Tyson’s November 2022 arrest, the company’s board of directors oversaw the matter.
John R. Tyson joined his family’s company as chief sustainability officer in 2019 and was promoted to CFO in September 2022.
Calaway has been with Tyson Foods since 2006 and was the company’s CFO of its Prepared Foods segment. He has served in a variety of executive roles including chief accounting officer and vice president of audit and compliance.
His salary as CFO will be $675,000.
“Curt is a proven leader with deep industry knowledge and a wealth of experience in financial strategy and reporting,” Tyson Foods CEO Donnie King said in a statement. “I am confident Curt will continue to help drive our operational excellence and shareholder value.”
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