Tyson Foods Inc. of Springdale (NYSE: TSN) saw a financial turnaround in fiscal 2024 and the company’s executives were beneficiaries.
CEO Donnie King received total compensation of nearly $22.8 million, an increase from $13.2 million a year ago, according to a proxy statement filed by the company Wednesday with the U.S. Securities & Exchange Commission. King’s annual salary of $1.45 million was just a bit more than the $1.4 million he received last year, but he received jumps in stock awards and incentive plan compensation.
King received $11.7 million in stock awards, up from $8.2 million, while receiving $5.99 million in incentive plan compensation, up from $436,000 a year ago.
Tyson Foods reported income of $800 million in fiscal 2024, a dramatic increase from a loss of $648 million in 2023, when the company reported its first three negative quarters since 2009. The income came on revenue of $53.3 billion, up from $52.9 billion.
Tyson Foods has been in a streamline mode since the difficult times a year ago, shuttering six chicken processing facilities, laying off workers and announcing it would not renew expiring contracts with chicken farmers. Tyson Foods announced earlier this year it would close beef product plants in Pennsylvania and Kansas.
Tyson Foods said it had 137,935 employees, including 119,901 in the United States with a median income of $43,417. That represents a CEO pay ratio of 525 to 1 based on King’s compensation.
Chairman of the Board John H. Tyson received total compensation of $18.4 million, an increase from $8.8 million a year ago. Tyson’s compensation included a salary of $1.2 million, which remained unchanged, and stock awards of $7.6 million, up from $4.5 million.
John H. Tyson received $4.1 million in incentive plan compensation, up from $315,000 a year ago. He also received nearly $3 million in compensation related to the use of the company airplane.
Curt Calaway was named the full-time CFO in late August and received total compensation of $2.17 million, which included salary of $516,057, stock awards of $528,462 and incentive plan compensation of $876,856. Tyson Foods said his full annual salary would be $675,000.
The man Calaway replaced, former CFO John R. Tyson received total compensation of $5.16 million, an increase from $2.88 million in 2023. John R. Tyson, son of the company’s chairman, pleaded guilty to DWI and two other traffic violations after his June 13 arrest; Tyson Foods originally suspended him after his arrest, his second alcohol-related arrest since November 2022.
John R. Tyson received a salary of $690,846, $2.5 million in stock awards, up from $1.5 million, and $1.05 million in incentive plan compensation, up from $125,125 in 2023. John R. Tyson did not receive any severance pay and the company said after Calaway’s appointment that Tyson was on “health-related leave” and was still with Tyson Foods.
Wes Morris, the company’s head of poultry, received total compensation of $5.98 million in 2024, the first year he was a Tyson Foods named executive. Morris’ pay included a salary of $789,308, stock awards of $2.3 million and $1.7 million in incentive plan compensation.
Brady Stewart, the company’s head of beef and pork and the chief supply chain officer, received total compensation of $6.67 million, up from $5.7 million. His pay included a salary of $917,769, up from $568,384, and stock awards of $2.3 million, down from $3.2 million.
Stewart received $2.3 million in incentive plan compensation, an increase from $155,924 a year ago.
Tyson Foods said that its shareholders meeting would be held at 10 a.m. on Feb. 6 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 one shareholder proposal.
The shareholders’ proposal, which is opposed by the company’s board of directors, calls for Tyson Foods to share voting results that show the differentiation between Class A and Class B share votes. Class B shareholders are allowed 10 votes per share, compared to a one-for-one vote for Class A shareholders.
The Tyson Limited Partnership, controlled by the Tyson family, owns 70 million shares of Class B stock.
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