Tyson Foods CFO arrested for drunk driving and suspended from company

Tyson Foods’ chief financial officer was arrested for the second time in two years, prompting the meat giant to suspend him from his employment with the company.

CNBC reports that John R. Tyson, the great-grandson of company founder John W. Tyson, was arrested in Arkansas on suspicion of driving under the influence (DWI) on Thursday, June 13. The Associated Press provided more details about Tyson’s arrest, claiming he was stopped by University of Arkansas police after making an illegal turn and he failed a breathalyzer test.

This is the scion’s second arrest in as many years. In 2022, shortly after being named the company’s CFO, Tyson was arrested after falling asleep drunk in the wrong house. He pleaded guilty to the charge and apologized to the company a week later during a quarterly earnings call.

Following his arrest on Thursday, Tyson paid a $1,105 fine to be released. He is scheduled to appear in court on July 15 to answer the charges.

Although he was released nine hours after his arrest, Tyson Foods said Curt Calaway had been named interim chief financial officer. Calaway, who is not related to the Tyson family, has worked for the company for nearly 20 years and previously served as treasurer and senior vice president of finance and corporate development.

In a statement to the Associated Press, Tyson Foods confirmed Tyson’s immediate suspension following his arrest.

John R. Tyson joined Tyson Foods in 2019 after a career on Wall Street. His father, John H. Tyson, is the company’s current chairman and chief executive officer.

The crony baby’s woes are just the latest problems the company has been battling. Last month, it was revealed that customers’ preference for essentials over unnecessary spending has hurt the profitability of the company, which derives primarily from branded and convenience products.

Melanie Boulden, head of Tyson’s prepared foods division, said consumers, especially those from lower-income households, are being more cautious with their spending due to high inflation and low savings. Profits have declined as a result of this conservative strategy, and the company expects the second half of the fiscal year to be worse than the first half.

While Tyson’s prepared foods division has been a significant source of operating profits, the company’s largest business, its beef division, has struggled. Despite these setbacks, Tyson was able to increase its forecast profit for the coming fiscal year, largely due to improved margins in its pork and chicken divisions.