011034 Tyson Foods Chairman Stepping DownOctober 25, 2001Springdale, AR - Don Tyson is stepping down as senior chairman of Tyson Foods Inc., less than a month after the poultry giant completed its acquisition of IBP Inc., the nation's largest meatpacker. Tyson, who led Tyson Foods for more than three decades, has served as senior chairman of the company since 1995. He said he would remain as a member of the company's board of directors. “This is just one more step in a 'progressive retirement' plan that I began in 1995 when I turned 65 and stepped down as chairman,” Tyson said in a release. “Now that we have completed the IBP acquisition, and the integration of Tyson and IBP is well under way, it is time for me to relinquish this last title, and let the management of the new company have full control. “I am confident that my son John, and the leadership team he has put together, are fully prepared to take the company to the next level as the premier protein provider on the planet. I look forward to following their progress from my boat.” In late September, IBP shareholders approved the purchase of IBP by Tyson. More than 98% of shareholders voted in favor of the acquisition, Dakota Dunes, S.D.-based IBP said. IBP shareholders will get about 2.4 Tyson shares for each IBP share they own. The companies have filed merger documents with the secretary of state in Delaware. The documents were filed in Delaware because both companies are incorporated there.
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