Tyson Foods To Cut 10% Corporate Jobs: Report

Tyson Foods Inc (NYSE:TSN) Chief Executive Officer Donnie King reportedly said the company plans to slash about 10% of corporate jobs and 15% of senior leadership positions.
The jobs slash is the latest move by the company to reign in costs as it struggles with declining profits, reported Reuters.
The CEO said discussions will be initiated with the affected employees this week.
"We will drive efficiency by focusing on fewer initiatives with greater intensity and removing duplication of work," the report quoted Donnie King.
The report noted some employees had already left after the company relocated all corporate jobs to its headquarters in Arkansas.
As of October 1, Tyson had about 6,000 U.S. employees working in corporate offices, the report added.
Price Action: TSN shares closed lower by 1.07% at $60.35 on Wednesday.