Tyson Foods named Jeff Schomburger as its next president and CEO on Thursday, tapping a board member and former Procter & Gamble $PG executive to succeed Donnie King, who has spent more than four decades at the company.
Oct. 4, 2026 will mark Schomburger's first day in the role, with a handoff period starting in July leading up to that date, the company said. Once he exits the CEO role, King is expected to retain his seat on the Tyson Foods board of directors.
At 64, Schomburger brings a decade of board-level experience to the top job, having joined the Tyson Foods board in 2016 and assumed the lead independent director position in November 2025. Before joining the Tyson board, he built a 35-year career at Procter & Gamble, where his final role before a 2019 retirement was global sales officer. He previously led P&G's global Walmart $WMT team from 2005 to 2015.
During his decade on the Tyson board, Schomburger served on the compensation, audit, and strategy and acquisitions committees, becoming chair of the strategy and acquisitions committee in 2021, the company said.
"The board and I are confident in Jeff Schomburger's ability to lead Tyson Foods into its next chapter of growth," chairman John H. Tyson said in a statement. "His experience will help us accelerate our strategic priorities and unlock new ways to win with customers and consumers."
Schomburger said in a statement that he is focused on strengthening the company's brands, capitalizing on opportunities through AI, and continuing to win with customers and consumers.
Under the terms of his employment agreement, Schomburger will receive an annual base salary of $1.6 million. His annual incentive target will be 200% of base salary, and his long-term incentive target will be $11 million per year, the company said. He will also receive an initial grant of restricted stock units valued at $2.8 million, vesting in equal thirds over three years.
A Tyson Foods veteran of more than 43 years, King ascended to the CEO role in 2021, according to Reuters. The company credited his leadership with guiding Tyson through the COVID-19 pandemic and centralizing corporate operations at its Springdale, Arkansas headquarters.
Tyson Foods said it is reaffirming its previously issued guidance for fiscal 2026.