Tyson has announced the appointment of board member Jeff Schoenberg as its new President and Chief Executive Officer, succeeding Donnie King.

The meat-processing giant stated on Thursday that the transition period will begin in July, with Schoenberg officially assuming his role on October 4th to lead the Springdale, Arkansas-based company.

Donnie King, who has been with Tyson for over four decades, has served as President and CEO since June 2021. Following his departure, he will remain on the company's board.

The 64-year-old Schoenberg joined the Tyson board in 2016 and became Lead Independent Director in November 2025. He spent approximately 35 years at Procter & Gamble, serving as Global Sales Leader from 2015 until his retirement in 2019.

According to the company's disclosure, Schoenberg's base annual salary as CEO will be $1.6 million, with an annual target bonus equal to twice his base salary.

Previously, Donnie King took over the role amidst challenging circumstances after the departure of Dean Banks, who served as CEO for only eight months while the company grappled with capacity constraints and issues stemming from the COVID-19 pandemic.

Tyson credited Donnie King with steering the company through the pandemic, optimizing business operations across the board, driving significant profit growth, and consistently improving the balance sheet.

Earlier this month, Tyson released its fiscal second-quarter results, showing an overall year-over-year increase in profit. However, its beef segment reported a loss of $240 million, with the loss widening compared to the same period last year. The company's profitability was primarily supported by its chicken business, while persistently high cattle prices continued to weigh on overall performance.

According to industry sources, a shortage of cattle on U.S. ranches has driven up livestock acquisition costs, a situation previously reported on.

Tyson holds a significant position in the U.S. meat market, processing approximately one-fifth of all chicken, beef, and pork products sold in the country.