Tyson chief surprises with exit amid concerns over chicken pricing

Chicago

THE planned departure of Tyson Foods Inc's chief executive officer triggered the biggest selloff in the stock since the financial crisis as analysts questioned the timing amid mounting concern that US benchmark chicken prices may have been inflated.

Donnie Smith is stepping down on Dec 31 and will be succeeded by president Tom Hayes, a 29-year veteran of the consumer products industry, the company said. It also reported lower-than-expected fiscal fourth-quarter earnings and forecast 2017 profit that trailed analysts' estimates.