Dive Brief:
- Tyson Foods has appointed Monica McGurk as senior vice president of strategy and new ventures.
- McGurk will be in charge of developing Tyson's corporate strategy and new business opportunities. To this role, she brings her most recent experience as senior vice president of strategy, decision support, and e-commerce for Coca-Cola's North American Group.
- Before Coca-Cola, McGurk spent nearly two decades with management consulting firm McKinsey & Company. There she "focused on consumer and retail sectors, founded McKinsey’s consumer innovation practice, and led its consumer organization practice," according to a news release.
Dive Insight:
Over the years, Tyson has evolved from proteins producer to food company, CEO and president Donnie Smith said during a CAGNY presentation earlier this year. Still, the company remains protein-centric, which is on-trend with consumers' increasing demand for more protein in their diet. Note: That's "protein-centric," not "meat-centric."
The distinction makes all the difference. As red meat consumption has fallen over the past several decades, this has had an impact on meat producers like Tyson. Demand in that sector may see a turnaround in the next few years, but in the meantime, plant-based proteins are becoming a go-to for many consumers seeking better-for-you and functional foods. By consciously focusing on protein rather meat, Tyson is setting itself up for growth and flexibility in the future.
That's where McGurk comes in. She is tasked with developing that protein strategy and growth plan, which will include the fast-growing protein snacks segment. Additionally, McGurk's e-commerce expertise could help Tyson as it pursues more growth in that area.
In its latest earnings, Tyson reported a 49% surge in profits due to decreased feed and livestock costs, even though revenue fell 15.4%.