Tyson Foods CFO Arrested After Authorities Say He Fell Asleep in Wrong Home

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John R. Tyson, the chief financial officer of Tyson Foods Inc. and the son of the company’s chairman, was arrested over the weekend because police say he fell asleep in the wrong home. A preliminary arrest report from the Fayetteville Police Department says that Mr. Tyson, who is 32 years old, was found asleep in a woman’s bed at her home in Fayetteville, Ark., on Sunday morning. The report says that he was arrested for criminal trespass and being drunk in public. He was then taken to the Washington County Detention Center. He was set free on Sunday night.

Key points

  • John Tyson, the CFO of Tyson Foods, was arrested early on Sunday morning after he allegedly got drunk and fell asleep in the wrong house.
  • Tyson was named chief financial officer of the company at the end of September.
  • He is the son of John H. Tyson, who is the chairman of the company, and the great-grandson of John W. Tyson, who started the company.

Monday, Mr. Tyson sent an email to the whole company saying he was sorry for what he had done and that he was getting help with his drinking. Mr. Tyson said, “I’m embarrassed by my own behavior, which goes against my personal values, the values of the company, and the high expectations we have of each other here at Tyson Foods.”

Tyson Foods CFO Arrested After Falling Asleep In Wrong Home
Tyson Foods CFO Arrested After Falling Asleep In Wrong Home

A spokesman for Tyson Foods said the company knew about the incident, but because it was a personal matter, the company had nothing else to say. Mr. Tyson is the great-grandson of Tyson Foods’ founder. In September, the $24 billion meat company made him CFO, and he started working there at the beginning of October. Crist Kolder, an executive-search firm, says that he is the youngest CFO working for a company in the S&P 500 or Fortune 500.

Before becoming CFO, he was Tyson’s executive vice president of strategy and chief sustainability officer, which are both positions he still has. Monday, the company’s stock price went down a little bit, while the major U.S. stock indexes went up by about 1%.

The woman told the Fayetteville Police Department that she didn’t know Mr. Tyson and that she thought he got in through an unlocked front door. The report said that police tried to wake Mr. Tyson up, but after he briefly stood up, he laid back down and tried to go back to sleep. His breath and body smelled like he had been drinking. KNWA/Fox24 in Northwest Arkansas was the first to report Mr. Tyson’s arrest. In 2018, Mr. Tyson got a master’s degree in business administration from Stanford University. In September 2019, he will start working for Tyson. He has worked in investment banking, private equity, and venture capital, including at JPMorgan Chase & Co., where he had different jobs.

Do check

Some people in the meat business think that Mr. Tyson will be the next CEO or chairman of the company. Mr. Tyson has said that he is focused on doing what he needs to do right now. According to the company’s most recent annual report, the Tyson family still has about 71% of the voting power at the company through its holdings of Class B stock, which has 10 times the voting power of Class A shares held by the public. Dual-class stock arrangements give “supervoting” rights to a separate class of stock that isn’t available to the general public. This makes it possible for people with a small share of a company’s equity to run it.

In recent months, Mr. Tyson’s arrest is the second high-profile event involving a top executive at a protein company. Beyond Meat Inc. fired its former Tyson Foods executive and operating chief Doug Ramsey last month. Ramsey had been on leave since his arrest in September for allegedly biting a man’s nose and threatening to kill him. Police records show that both Mr. Ramsey and Mr. Tyson were arrested in Washington County, Arkansas.

Tyson kills and processes about 37 million chickens, tens of thousands of hogs, and hundreds of thousands of cattle every week. This fall, the company changed its management team by giving several executives new jobs. In addition to giving Mr. Tyson the job of CFO, the company named its former CFO, Stewart Glendinning, president of prepared foods after the former leader of that division left. Amy Tu, the company’s top lawyer, is also in charge of Tyson’s international business. In the past few months, higher costs for feed for animals, fuel, and labor have made it harder for Tyson to make money. The company’s beef business is making less money because people are buying less expensive cuts of meat and the prices meatpackers pay ranchers have gone up. The beef business made up about 40% of Tyson’s $47 billion in sales in the fiscal year 2021.

Tyson’s net income for the quarter that ended on July 2 was the same as the same time last year. Sales went up to $13.5 billion, but volumes went down by 2%. On November 14, the company will share its financial results for the last quarter. Analysts polled by FactSet think the company will make $1.75 per share, which is less than the $3.71 per share it made during the same time last year.

Last month, Tyson announced that it would be closing down some of its corporate offices in Illinois and South Dakota. In early 2023, employees will be given the chance to move to the company’s headquarters in Springdale, Ark.

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