Tyson Foods' chief executive officer, Donnie Smith, will collect a hefty severance package when he leaves the company Dec. 31, according to regulatory filings with the U.S. Securities and Exchange Commission posted Tuesday.
The company announced Monday that Smith will step down and Tom Hayes, who serves as the company's president, will become CEO.
Smith will be paid $3.53 million over three years. He also will receive restricted shares and stock options worth about $5.55 million based on Monday's closing share price.
The Tyson executive will serve as a consultant to the company for three years, according to his exit contract. For this role, Smith can work a maximum of 33 hours per month for a $2.3 million annual fee. That's about $5,800 an hour if he takes no breaks or vacation.
Hayes will receive an annual salary of $1.15 million when he becomes Tyson CEO.
-- Claire Williams