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Tyson Names P&G’s Miquelon as CFO

Takes the reins from Dennis Leatherby, who stepped up from the treasurer seat to interim CFO when Steve Hankins resigned after 21 years with the co...
Stephen TaubApril 17, 2006

After 21 months without, Tyson Foods has finally named a permanent finance chief.

The food processor announced that Wade D. Miquelon will become executive vice president and chief financial officer, effective in June.

He takes the reins from Dennis Leatherby, who stepped up from the treasurer seat to interim CFO in July 2004, when Steve Hankins resigned after 21 years with the company. Leatherby will continue as senior vice president of finance and treasurer.

Miquelon, a 16-year veteran of Procter & Gamble, has extensive international experience. Currently, he serves as chief financial officer and general manager for P&G’s Western Europe region, based in Geneva, and has financial oversight of 17 countries representing roughly 25 percent of P&G’s worldwide sales. In his new role, he will be responsible for Tyson’s finance and accounting functions worldwide.

“Our search has ended with the find of an exceptional financial manager, and we are pleased Wade Miquelon will lead our financial team with a keen sense of the intricacies of operating globally,” said chairman and chief executive officer John Tyson, in a statement. “Wade has an extraordinary national and international financial background that will compliment our strong existing talent.”

Before taking his position in P&G’s Geneva office, Miquelon served as CFO and senior director for the company’s 42-country ASEAN, Australia, and India region, based in Singapore. His financial and strategic leadership led to the improvement of virtually every financial measure, including increasing cash flow and profit to all-time highs and dramatically accelerating top-line growth, according to Tyson. He also served as CFO of P&G’s Thailand, Myanmar, Cambodia, and Laos subsidiaries, which included oversight of the company’s largest and most complex Asian manufacturing facility, and as finance director for P&G’s Southeast Asian Beauty Care business.

According to The Wall Street Journal, Miquelon was Tyson’s third choice; the company lost two prior candidates after their employers won a bidding war.

Miquelon will receive a salary of roughly $600,000, $1 million worth of restricted shares, and 50,000 stock options, the paper reported, citing an informed person.