Donnie King of Tyson Foods Inc. in Springdale earned nearly $13.2 million in total compensation in fiscal 2023, according to a proxy statement filed by the company with the U.S. Securities & Exchange Commission.
King has been CEO since replacing Dean Banks in June 2021 and was the company’s highest paid named executive in 2023; his total compensation was $12 million in 2022. King’s 2023 salary was $1.4 million, up from $1.3 million, and he received $8.2 million in stock awards and $2.75 million in options.
King received $436,154 in incentive plan compensation, down significantly from $3.4 million in 2022. Tyson Foods reported a loss of $649 million in fiscal 2023, which ended Sept. 30, after making $3.2 billion in 2022.
Tyson Foods said it had 138,759 employees, including 120,421 in the United States with a median income of $41,949. That represents a ratio of 314 to 1 based on King’s compensation.
Chairman John H. Tyson earned total compensation of $8.8 million in 2023, a drop from $12 million in 2022 when he was the company’s highest paid. Tyson’s compensation included a salary of $1.2 million, $4.5 million in stock awards and $1.5 million in options.
Like King, he saw a steep drop in incentive plan compensation, receiving $315,000 after getting more than $2.8 million in 2022. Tyson Foods said John H. Tyson’s use of the company aircraft, event tickets and cell phone use was valued at more than $1 million.
Melanie Boulden earned total compensation of $5.9 million in her first year with the company. She started as chief growth officer in February and added responsibilities of president of the Tyson Foods’ prepared foods division in September.
Her 2023 compensation included salary of $432,846, which Tyson Foods said would be raised to $800,000 after she was named president of prepared foods. She received a $800,000 signing bonus and $4.3 million in stock awards.
Brady Stewart earned total compensation of $5.7 million in his first year with the company. Stewart was hired in January 2023 to run the company’s fresh meats division before he was promoted to chief supply chain officer and president of beef and pork in August.
Stewart’s salary was $528,384, which the company said was increased to $900,000 after his August promotion. He also received a $1.5 million signing bonus and $3.3 million in stock awards.
John R. Tyson, the chief financial officer, received total compensation of $2.89 million in 2023, an increase from $1.1 million he received in 2022. Tyson’s salary was $662,000 and he received $1.49 million in stock awards.
Tyson Foods said that its shareholders meeting would be held at 10 a.m. Feb. 8 at the company’s office on South Thompson Street in Springdale. Shareholders will vote on the company’s 14-person board of directors, to ratify PricewaterhouseCoopers LLP as the company’s independent accounting firm and on four shareholder proposals.
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