Tyson Taps Board Member for CEO Role as Donnie King Steps Down

Tyson Foods Inc. unexpectedly pulled from its board of directors to find a replacement for Donnie King as chief executive officer at the US’s biggest meatpacker.

Jeff Schomburger, who has spent a decade on Tyson’s board, will become president and CEO on Oct. 4, according to a statement Thursday. King will remain a director, and will work with Schomburger throughout the transition beginning in July.

Tyson shares on Thursday dropped as much as 6.1% to the lowest intraday price in two months. The stock has still gained about 14% over the past 12 months.

While the CEO’s retirement is ...