Drug store operator Walgreen Co. on Monday said its chief financial officer will take a new position and said Tyson Foods CFO Wade D. Miquelon will replace him.
Chief Financial Officer William M. Rudolphsen, 53, will become senior vice president and chief risk officer, effective June 16.
Miquelon, 43, has been CFO at Springdale, Ark.-based Tyson Foods, the world's largest meat producer, since 2006.
Before that, he was an executive at consumer-goods maker The Procter & Gamble Co. for 16 years.
Tyson Foods said it will begin a search to replace Miquelon. Dennis Leatherby, Tyson's senior vice president of finance and treasurer will assume CFO responsibilities until a successor is found.
Last month, Tyson said it lost $5 million, or 2 cents per share, in its fiscal second quarter, compared with a profit in the same period a year ago of $68 million, or 19 cents a share.
Tyson and other meat companies are facing rapidly rising costs for grain and other commodities.
Walgreen Co., meanwhile, in March reported second-quarter profit rose 5 percent as the drugstore chain continued to open new stores at a record pace.
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