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Tyson Foods CEO Steps Down After Less Than A Year, Cites 'Personal Reasons'

Tyson Foods CEO Dean Banks, who took the helm in October, is stepping down after after "deep personal reflection" to spend more time with his family.

Tyson Foods  (TSN) - Get Tyson Foods, Inc. Class A Report said Wednesday that CEO Dean Banks will leave the group after less than a year at the helm of the world's biggest meat producer.

Banks, who succeeded Noel White as CEO in October of last year, is leaving for "personal reasons" the company said, and will be replaced by industry veteran and chief operating officer Donnie King.

“Being a part of Tyson Foods has been a very rewarding experience,” said Banks. “Upon deep personal reflection, and discussions with my family, the board, and my colleagues, I believe that stepping down and concentrating on my family is the right decision at this time."

Tyson Foods shares were marked 0.25% lower in pre-market trading Wednesday following the announcement to indicate an opening bell price of $79.90 each. The stock is up 29.4% since Banks was first named as White's successor on August 3.  

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Last month, Tyson Foods posted stronger-than-expected second quarter earnings but cautioned that "substantial" inflation pressures would clip its profit margins over the second half of the year.

Improving demand allowed it to boost its full-year sales outlook, forecasting revenues of between $44 billion and $46 billion, but cautioned that rising costs would eat into its overall profit margins. 

“We’re seeing substantial inflation across our supply chain, which will likely create margin pressure during the back half of the year,” Banks said at the time. “We will remain focused on the factors we can control and will continue to work diligently for a full recovery of our chicken business, while delivering strong results in other areas of our company."

"Our long-term outlook is bright as global protein consumption continues to grow, and we expect our investments in capacity expansion, product innovation and technology to create sustainable shareholder value,” he added.