01—Abstract
Summary
Summary of the 8-K filed August 29, 2024. Cited figures are marked; the original filing is the authoritative source.
Tyson Foods, Inc. filed this Form 8-K to report that it appointed Curt Calaway as Chief Financial Officer, effective August 29, 2024.
Calaway, 50, had served as interim Chief Financial Officer since June 2024. Before that, he was Chief Financial Officer of the company's Prepared Foods business segment from May 2024 and was responsible for mergers & acquisitions and corporate development. He joined the company in 2006 and has held roles including Senior Vice President and Treasurer, Controller, Chief Accounting Officer, and Vice President of Audit and Compliance.
He reports directly to Donnie King, President and Chief Executive Officer. He succeeds John R. Tyson, who remains with the company but is on health-related leave.
The filing sets Calaway's compensation in connection with the appointment. His annual base salary was increased to $675,000,a and his target annual incentive plan award was increased to 110% of base salary, both effective June 13, 2024, the date of his initial appointment as interim CFO. His current target annual long-term incentive award is $300,000.
The filing states there are no arrangements or understandings under which he was selected as an officer, no family relationships with directors or executive officers, and no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K. The press release announcing the appointment is furnished as Exhibit 99.1 and is not deemed filed for purposes of Section 18 of the Exchange Act. The release describes Calaway as having nearly 30 years of experience in finance, audit and accounting, and quotes King saying he is confident Calaway will help drive operational excellence and shareholder value.
02—Key points
Key Highlights
- Curt Calaway was appointed Chief Financial Officer effective August 29, 2024, succeeding John R. Tyson, who remains with the company on health-related leave.
- Calaway had served as interim CFO since June 2024 and previously led the Prepared Foods segment's CFO role and the company's M&A and corporate development efforts.
- Annual base salary was increased to $675,000, effective June 13, 2024, the date of his initial interim CFO appointment.
- Target annual incentive plan award was increased to 110% of base salary, effective June 13, 2024.
- Current target annual long-term incentive award is $300,000.
- Calaway reports directly to Donnie King, President and Chief Executive Officer.
- The filing states there are no related-party transactions under Item 404(a) and no family relationships with directors or executive officers.
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer of Tyson Foods?
Curt Calaway, age 50, was appointed Chief Financial Officer effective August 29, 2024. He had been serving as interim CFO since June 2024 and has been with the company since 2006.
What happened to the previous CFO, John R. Tyson?
The press release states that John R. Tyson remains with the company but is currently on health-related leave. Calaway succeeds him in the CFO role.
What is Calaway's compensation under the new appointment?
His annual base salary was increased to $675,000, and his target annual incentive plan award was increased to 110% of base salary. Both changes are effective June 13, 2024, the date of his interim CFO appointment. His current target annual long-term incentive award is $300,000.
What experience does Calaway bring to the CFO role?
The press release describes nearly 30 years of experience in finance, audit and accounting. His roles at Tyson have included Senior Vice President of Finance and Treasurer, where he led Investor Relations, Treasury, Corporate Finance, Supply Chain Finance and M&A, as well as Controller, Chief Accounting Officer and Vice President of Audit and Compliance.
Are there any related-party or family ties involving the new CFO?
The filing states there are no arrangements or understandings under which Calaway was selected as an officer, no family relationships with any directors or executive officers, and no transactions requiring disclosure under Item 404(a) of Regulation S-K.
04—Continue