01—Abstract
Summary
Summary of the 8-K filed May 28, 2026. Cited figures are marked; the original filing is the authoritative source.
Tyson Foods, Inc. (NYSE: TSN) announced on May 28, 2026 that Jeffrey K.
Schomburger, a current member of its Board of Directors since 2016 and Lead Independent Director since November 2025, will succeed Donnie King as Chief Executive Officer effective October 4, 2026. Schomburger joins the company as a senior executive effective July 1, 2026, ahead of taking the CEO role. He previously spent 35 years at The Procter & Gamble Company, most recently as Global Sales Officer from 2015 to 2019.
King will step down as CEO on October 4, 2026, is expected to assist the leadership transition, and will remain on the Board. The filing sets out the terms of Schomburger's employment agreement, dated May 27, 2026. It provides a $1,600,000a annual base salary, an annual incentive target of 200% of base salary, and an annual long-term incentive target of $11,000,000.
His initial restricted stock unit award, granted July 10, 2026 with a grant date fair value of $2,800,000,b vests in one-third tranches over three years. Severance upon termination without cause or resignation for good reason is two years' base salary plus two years' target cash bonus, a pro-rata bonus, and up to 18 months of medical coverage. The agreement also includes a 24-month non-compete, a 36-month non-solicitation restriction, up to 30 hours per year of personal aircraft use, and a $75,000 relocation payment.
The press release states that Tyson Foods is reaffirming its previously issued total company guidance for fiscal 2026. The filing does not describe any change to operating results or financial outlook.
02—Key points
Key Highlights
- Jeffrey K. Schomburger, a Tyson Foods director since 2016 and Lead Independent Director since November 2025, will become CEO effective October 4, 2026, succeeding Donnie King.
- Schomburger joins as a senior executive effective July 1, 2026, before assuming the CEO role, providing a transition period of several months.
- Donnie King steps down as CEO on October 4, 2026, but will remain on the Board and assist with the transition.
- Schomburger's employment agreement sets a $1.6 million base salary, a 200% annual incentive target, and an $11 million annual long-term incentive target.
- His initial RSU award has a grant date fair value of $2.8 million and vests in equal annual tranches over three years.
- Severance is two years' base salary plus two years' target cash bonus, with a 24-month non-compete and 36-month non-solicit.
- Tyson Foods reaffirmed its previously issued total company guidance for fiscal 2026.
03—Questions
Frequently Asked Questions
Who is replacing Donnie King as CEO of Tyson Foods?
Jeffrey K. Schomburger, a current director and Lead Independent Director, will become President and Chief Executive Officer effective October 4, 2026. He previously held senior roles at Procter & Gamble, including Global Sales Officer, and was President of its global Walmart team from 2005 to 2015.
When does the leadership transition take effect?
Schomburger joins Tyson Foods as a senior executive effective July 1, 2026, and becomes CEO effective October 4, 2026. King steps down as CEO on the same October 4, 2026 date and is expected to help with the transition.
What compensation does the new CEO receive?
His employment agreement provides a $1,600,000 annual base salary, a 200% annual incentive target, and an $11,000,000 annual long-term incentive target. He also receives an initial RSU award with a grant date fair value of $2,800,000, vesting in one-third tranches over three years, plus a $75,000 relocation payment.
What severance protections does the employment agreement include?
If the company terminates him without cause or he resigns for good reason, he receives two years' base salary plus two years' target cash bonus, a pro-rata bonus for the termination year based on actual performance, and up to 18 months of continued medical coverage.
Did Tyson Foods change its financial guidance with this announcement?
No change is reported. The press release states that Tyson Foods is reaffirming its previously issued total company guidance for fiscal 2026.
04—Continue