Tyson Foods Inc., one of the top US meat companies and supplier by sales, is eliminating 10 percent of its corporate staff and cutting 15 percent of its senior leadership positions as part of a move to cut costs.
Tyson Foods Inc.’s vision in reducing wasteful spending has led to massive job cuts, as the company now plans to cut off 10% of Corporate Workers and 15% of Senior Staff this is as reported on Bloomberg.
The reason behind Tyson Foods’ Layoff
This is according to a memo sent to employees. Tyson announced the decision to each affected staff in the memo from Chief Executive Officer Donnie King. “This is not an easy day, and we recognize it will be difficult for our team members,” Tyson Chief Executive Donnie King said in the memo notes to employees.
The Great Layoff
Tyson Foods Inc. is far from being the only company to undergo layoffs amid higher inflation, recession fears, and a whiplash in pandemic-induced demand. In less than four months countless companies such as Walmart laid off hundreds of workers at five centers, Glassdoor, and Yahoo also eliminated 20% of staff, or 1600 jobs Amazon, Meta, Citigroup, and Twitter just to mention a few have all fired staff to cut excess expenses.
No Branch is Safe
Reports obtained by The Wall Street Journal reviewed that, the Springdale, Arkansas-based company said in March it would shutter two under-performing poultry operations to strengthen its chicken business that has struggled with too much supply. Arkansas-based Tyson employs about 142,000 people globally, according to its latest annual securities filing. The meat giant has about 124,000 U.S. workers, including roughly 118,000 employed at different sites, such as production facilities, warehouses, truck shops, hatcheries, and feed mills.
Tyson Foods’s official statement
Remember that in October, the company said it was closing offices in Chicago and South Dakota and giving a chance for workers there to relocate to Arkansas. The company also parted with several top executives in January. A Tyson spokesman said the company is constantly evaluating how it executes its strategy. The changes to its ranks will allow Tyson to operate with more speed, collaboration, and agility, he said.
Senior leadership roles at Tyson include mostly vice president and senior vice president positions. Tyson’s planned staff reductions were earlier reported by Reuters.