SPRINGDALE, Ark. – Sally Grimes, group president of Prepared Foods with Tyson Foods Inc., has announced of her intent to leave the company, according to a filing with the Securities and Exchange Commission. Grimes will continue in her current role until a successor is appointed and, as part of a separation agreement, the company will pay her annual base salary of $850,000 for two years following her departure. She will also be entitled to compensation under the company’s annual performance payment plan, which is based on its achieving performance goals. This payment will be prorated if her departure is after the end of the company’s 2019 fiscal year. Grimes is also entitled to exercise vesting options related to the prorated value of restricted company stock with performance criteria, performance stock awards and other stock options she has earned. Grimes and her eligible dependents are covered by company subsidized health insurance coverage for up to two years.
According to the filing: “Upon her separation date, Ms. Grimes will also be entitled to receive accrued benefit amounts payable to the company’s qualified retirement plan, the Employee Stock Purchase Plan and non-qualified plans, in accordance with the terms thereof. In exchange for these benefits, it is anticipated that Ms. Grimes will agree to certain customary non-competition, non-solicitation, confidentiality and release provisions in favor of the company.”
Grimes was appointed to her current position in 2017, as part of an executive restructuring plan announced by Thomas Hayes, who was president and CEO at the time. She was working at the Hillshire Brands Co. when Tyson acquired the company in 2014 and was appointed to the executive leadership team at Tyson by then-President and CEO, Donnie Smith as part of the 2014 acquisition of The Hillshire Brands Company. After the acquisition, Grimes worked first as president and chief global growth officer at Tyson, overseeing insights, innovation, R&D, retail sales, marketing services and international strategy with the goal of growing the company’s consumer and foodservice brands.