John Tyson will no longer serve the company in an executive capacity. He will, however, remain chairman of the board of Tyson Foods. This means that such positions as the company's general counsel and SVP of external relations, will report directly to Dick Bond, chief executive officer of the Springdale, Ark.-based company.
Effective immediately, Tyson will serve as a company adviser under a new contract. His previous contract was set to expire in February 2008, reports Meatingplace.com.
"The decision to relinquish my duties as an executive officer is part of the evolution of the company's succession planning,'' Tyson says.
Tyson, 54, joined the company's board of directors in 1984. After serving in various executive capacities, Tyson became chairman in 1998, and then expanded his role to chairman, president and chief executive officer in 2000, and served as chairman and chief executive officer from 2001 to 2006.