Dive Brief:

• Tyson Foods said Jeff Schomburger will take the helm as president and CEO starting Oct. 4, following a transition period that begins in July. He replaces Donnie King, who has been with Tyson for 43 years, including the last five as CEO. King will remain on Tyson’s board.
• The meat and chicken processor said Schomburger has been a member of its board since 2016, providing him with a deep understanding of the company’s operations and strategy.
• Tyson’s CEO transition comes as the company reports strength in its chicken operations but declines in its beef business connected to high cattle prices. Earlier this month, Tyson reported a loss of $240 million in its beef operations.

Dive Insight:

Editor’s note: This story is developing and will be updated.