The U.S. meatpacker said Curt Calaway, a senior finance executive at the company, will take over as interim CFO.

Shares of the Springdale, Arkansas-based company were down 1.5% at $53.89 in afternoon trading.

Tyson, who is the great-grandson of the company's founder, John W. Tyson, was arrested by the University of Arkansas police and released nine hours later.

John R. Tyson, who took charge as the company's CFO in 2022, could not be immediately reached for a comment.

The 34-year old's suspension comes at a time when the meatpacker has warned that consumers are still under pressure from persistent inflation and that higher commodity costs could weigh on its upcoming results.

Tyson has previously been arrested for criminal trespassing and public intoxication in Fayetteville, Arkansas in November 2022.

A college-aged female was alarmed to have found Tyson, who she did not know, asleep in her bed upon returning home, according to the Fayetteville police report in 2022.

The company had then called it a personal matter, but announced that a committee of its board members would oversee and review the matter.

Corporate governance experts had also said then that Tyson Foods, the maker of Ball Park hotdogs, should hire an external firm to lead a review into the arrest.

John R. Tyson had also apologized on a quarterly earnings call for the arrest.