Tyson Foods Shares Tank on Downbeat Forecast

Tyson Foods (TSN) - Get Report shares tanked Monday after the company forecast lower-than-expected profits in 2017 and announced that CEO Donnie Smith would be stepping down at the end of the year. The country's largest meat processor says it expects to earn between $4.70 and $4.85 a share in fiscal 2017, below Wall Street's consensus estimate of $4.98 a share. Separately, the company also says president Tom Hayes will succeed Smith as CEO. Smith has been CEO since 2009. Hayes was previously the chief supply chain officer for Hillshire Brands, which was acquired by Tyson in 2014.