SPRINGDALE, Ark., Feb. 8, 2008 (PRIME NEWSWIRE) -- The board of directors of Tyson Foods, Inc. (NYSE:TSN) continues to enhance the company's corporate governance structure, Tyson officials reported today. At its most recent quarterly meeting the board appointed a Lead Independent Director and a new chairman of its Compensation Committee, and also established a Nominating Committee.
"Since becoming chairman, I've worked with the board on ways to enhance our approach to corporate governance," said John Tyson, chairman of Tyson Foods. "These most recent measures are evidence of the progress we continue to make in this important area of our business."
The Tyson board has appointed Jim Kever, who has been a director since 1999, to serve in two additional capacities. The former Envoy Corporation CEO and founder of an investment partnership, has assumed the newly-established position of Lead Independent Director. This means he will preside over sessions where independent directors meet outside the presence of insiders or company management.
Kever will also serve on the board's Executive Committee, which also includes Don and John Tyson. The primary function of the Executive Committee is to act on behalf of the board during intervals between regularly scheduled quarterly meetings. In addition, Kever will continue to serve as chairman of the Audit Committee.
The Tyson board also appointed Kevin M. McNamara to serve as chairman of its Compensation Committee. McNamara is Executive Vice President, Chief Financial Officer and Treasurer of HealthSpring, Inc. and joined the board in 2007. The primary functions of the Compensation Committee are to establish the company's compensation policies and oversee the administration of the company's employee benefit plans. This includes the annual granting of options, which the company does four days after announcement of earnings for the fiscal year. The practice of granting options on the same day each year was initiated three years ago.
The newly-created Nominating Committee, to be composed entirely of independent directors, will consist of Jim Kever, Albert C. Zapanta, and Jo Ann R. Smith, who will serve as the chairperson. They will be responsible for identifying qualified candidates to serve as directors, a task previously handled by the entire board.
The Nominating Committee's first task in 2008 is to identify candidates to nominate to the board as a new independent director. Once the identification and selection process is completed, which is expected to occur before the end of the company's fiscal year on September 27, 2008, Tyson will have seven independent directors and four inside directors.
Except for the Executive Committee, all committees of the Tyson board have been composed solely of independent directors for many years. In addition to the Audit, Compensation and Nominating Committees, the board also has a Governance Committee, which is chaired by Lloyd V. Hackley, the Chancellor of Fayetteville State University in North Carolina.
Additional information on the various committees can be obtained by going to http://ir.tyson.com.
In addition to Kever, Zapanta, Smith, Hackley, McNamara, Don Tyson and John Tyson, the Tyson Board of Directors currently includes Richard L. Bond, Scott T. Ford and Barbara A. Tyson.
Tyson Foods, Inc. (NYSE:TSN), founded in 1935 with headquarters in Springdale, Arkansas, is the world's largest processor and marketer of chicken, beef, and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500. The company produces a wide variety of protein-based and prepared food products and is the recognized market leader in the retail and foodservice markets it serves. Tyson provides products and service to customers throughout the United States and more than 80 countries. The company has approximately 104,000 Team Members employed at more than 300 facilities and offices in the United States and around the world. Through its Core Values, Code of Conduct and Team Member Bill of Rights, Tyson strives to operate with integrity and trust and is committed to creating value for its shareholders, customers and Team Members. The company also strives to be faith-friendly, provide a safe work environment and serve as stewards of the animals, land and environment entrusted to it.
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