Tyson Foods Inc. said it would promote company president Dean Banks to chief executive, elevating a former Silicon Valley tech executive as the biggest U.S. meat company grapples with fallout from Covid-19.
Arkansas-based Tyson announced Mr. Banks’s new role on Monday as it reported a 22% decline in quarterly profits, weighed down by $340 million in costs related to safety equipment, pay increases for workers, plant shutdowns and other pandemic-related expenses.
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