Tyson Foods CEO Donnie King is stepping down after five years at the helm of the nation's largest meatpacker, with the stock having languished under his tenure as the company battled some of the worst cattle-market conditions in a generation.

Jeff Schomburger, a long-time Tyson board member, will become president and CEO on October 4. King, a 43-year Tyson veteran, will remain on the board and help with the transition beginning in July.

"The board and I are confident in Jeff Schomburger's ability to lead Tyson Foods into its next chapter of growth," said John Tyson, Chairman of the Board of Tyson Foods.

He added, "The Board looks forward to working with Jeff to drive sustainable growth, enhance shareholder value, and build on the strong momentum Tyson Foods has established."

"Donnie King's long tenure at Tyson Foods, including his leadership as CEO, has strengthened our business and shaped our culture," Tyson said. "We are grateful for his steady guidance and look forward to continuing to leverage his expertise within the Board."

Shares of Tyson have severely underperformed under King's tenure, down around 18% as of Wednesday's close.

King's exit comes after Tyson navigated one of the tightest U.S. cattle markets in decades, which pressured its beef business and contributed to losses in the segment.

There is some good news for Schomburger: The U.S. cattle herd rebuilding phase is underway, as initial 2026 data show a higher year-over-year heifer retention rate, according to Rabobank analysts.