Tyson Foods CEO Quits as Business Ebbs

Tyson Foods Inc. said Chief Executive Wayne Britt stepped down as head of the nation’s top chicken producer and was replaced by Chairman John Tyson, grandson of the company’s founder. The 50-year-old Britt held the top job at the Springdale, Ark.-based company for 1 1/2 years, during which Tyson’s stock plunged 50%. Like other U.S. chicken producers, Tyson was hurt by a poultry glut and low prices. John Tyson, 46, had been expected to succeed Britt, though some analysts were surprised that the move was made so soon. The company has been controlled for three generations by the Tyson family, which holds more than half of its voting stock. “I am leaving because our transition to a new generation is complete” and to pursue other interests, Britt said in a statement. In February, Tyson told analysts it was cutting chicken production about 3% to help ease a glut. Britt’s departure was announced after the close of trading. Tyson’s Class A shares fell 31 cents to close at $10.06 on the New York Stock Exchange.