- Tyson Foods Inc TSN Chief Executive Officer Donnie King reportedly said the company plans to slash about 10% of corporate jobs and 15% of senior leadership positions.
- The jobs slash is the latest move by the company to reign in costs as it struggles with declining profits, reported Reuters.
- The CEO said discussions will be initiated with the affected employees this week.
- "We will drive efficiency by focusing on fewer initiatives with greater intensity and removing duplication of work," the report quoted Donnie King.
- The report noted some employees had already left after the company relocated all corporate jobs to its headquarters in Arkansas.
- As of October 1, Tyson had about 6,000 U.S. employees working in corporate offices, the report added.
- Price Action: TSN shares closed lower by 1.07% at $60.35 on Wednesday.
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