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CHICAGO, April 26 (Reuters) - Tyson Foods Inc (TSN.N) will eliminate about 10% of corporate jobs and 15% of senior leadership roles, Chief Executive Donnie King told employees on Wednesday.
The layoffs are the latest cost-cutting move for the biggest U.S. meat company by sales as it grapples with declining profit and struggles to improve results in its iconic chicken business.
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Some corporate employees already quit after Tyson said in October it was relocating all corporate jobs to its headquarters in Springdale, Arkansas. The 10% reduction in corporate roles is not due to employees leaving the company rather than relocating to Arkansas, a spokesperson said.
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The company has struggled for years to improve results in its chicken business and said in March it will close two U.S. processing plants with almost 1,700 employees.
Meatpackers generally increased pay for plant workers during the pandemic. Now they face declining operating margins and must increasingly compete to buy livestock to run plants at full slaughtering capacity, analysts said.
"Margins fall apart like this and it's like, we're really bleeding now," said Bob Brown, an independent livestock market expert...