01—Abstract
Summary
Summary of the 8-K filed June 8, 2026. Cited figures are marked; the original filing is the authoritative source.
Tyson Foods, Inc. announced on June 8, 2026, that Wes Morris will become Chief Operating Officer effective June 15, 2026, succeeding Devin Cole, who steps down the same day.
Morris was Group President, Poultry from January 2023 to February 2025 and remained an employee until February 2026. He previously worked for the Company from 1999 to 2017, including as President, Prepared Foods Operations, and served as a consultant from October 2020 to January 2023. Per the press release furnished as Exhibit 99.1, he will oversee the Chicken, Beef, Pork, Prepared Foods and International segments.
Morris's Employment Agreement, dated June 4, 2026, sets an annual base salary of $1,350,000,a an annual incentive target of 160% of base salary, and an annual long-term incentive target of $5,900,000. The CLDC approved an initial restricted stock unit award with a grant date fair value of $1,500,000, with a July 10, 2026 Grant Date and one-third vesting each year over three years. If the Company terminates him without cause (or he resigns for good reason), he would receive two years' base salary, a pro-rata bonus based on actual performance, and up to 18 months of medical coverage.
The agreement also includes a 24-month non-compete and a 36-month non-solicitation restriction. The Company expects to enter into a separation agreement with Mr. Cole. If that agreement is signed, its material terms will be disclosed in an amendment to this Form 8-K.
The Employment Agreement will be filed as an exhibit to the Form 10-Q for the quarter ending June 27, 2026. The filing also notes that Jeff Schomburger is the incoming President and Chief Executive Officer.
02—Key points
Key Highlights
- Wes Morris appointed Chief Operating Officer effective June 15, 2026; Devin Cole steps down the same day.
- Morris previously served as Group President, Poultry (January 2023 to February 2025) and as President, Prepared Foods Operations during a prior Tyson tenure from 1999 to 2017.
- Base salary of $1,350,000; annual incentive target of 160% of base salary; annual long-term incentive target of $5,900,000.
- Initial restricted stock unit award with a $1,500,000 grant date fair value, granted July 10, 2026, vesting in one-third annual tranches over three years.
- Severance upon termination without cause or resignation for good reason: two years' base salary, pro-rata performance-based bonus, and up to 18 months of medical coverage.
- Employment Agreement includes a 24-month post-termination non-compete and a 36-month non-solicitation restriction; personal aircraft use up to 30 hours per year.
- Company expects a separation agreement with Mr. Cole; terms to be disclosed by 8-K amendment if finalized.
03—Questions
Frequently Asked Questions
Who is replacing Devin Cole as Chief Operating Officer, and when does the change take effect?
Wes Morris will become Chief Operating Officer effective June 15, 2026. Devin Cole steps down from the role on the same date.
What is Wes Morris's background at Tyson Foods?
Morris was Group President, Poultry from January 2023 to February 2025 and remained an employee until February 2026. He previously worked for the Company from 1999 to 2017 in leadership roles, including President, Prepared Foods Operations, and served as a consultant from October 2020 to January 2023.
What compensation does Morris receive under his Employment Agreement?
He receives an annual base salary of $1,350,000, an annual incentive target of 160% of base salary, and an annual long-term incentive target of $5,900,000. His initial restricted stock unit award has a grant date fair value of $1,500,000 and vests in one-third tranches each year over three years after the July 10, 2026 Grant Date, subject to continued employment.
What severance would Morris receive if he were terminated without cause?
Upon termination by the Company (other than for cause, death, or permanent disability) or resignation for good reason, he would receive an amount equal to two years' base salary, a pro-rata cash bonus for the year of termination based on actual performance, and continued medical coverage for up to 18 months.
Is there a separation agreement with Devin Cole, and where can the full Employment Agreement be found?
The Company expects to enter into a separation agreement with Mr. Cole; if signed, its material terms will be described in an amendment to this Form 8-K. The full Employment Agreement will be filed as an exhibit to the Form 10-Q for the quarter ending June 27, 2026.
04—Continue