Beyond Meat to cut 19% of its workforce as sales and inventory struggle

Vegetarian sausages from Beyond Meat Inc, the maker of vegan burgers, are displayed for sale at a market in Encinitas, California on June 5, 2019.

Mike Blake | Reuters

Beyond meat plans to cut 19% of its workforce, or about 200 employees, the company said in a regulatory filing on Friday.

The cuts are expected to be completed by the end of the year and aim to achieve cash-positive operations in the second half of 2023. In August, the company announced that it was reducing its workforce by 4%.

The company’s shares fell nearly 10% on Friday, dragging the company’s market value below $900 million. The stock was already down about 78% so far as the plant-based food maker struggles with falling sales. Earlier this week, shares hit a 52-week low of $12.76 per share.

The announcement came as the company also revealed that its chief executive, Doug Ramsey, left the company weeks after he was arrested for allegedly biting off a man’s nose and hitting a Subaru in an Arkansas parking lot. .

As part of the job cuts, the role of Chief Growth Officer has been eliminated and Deanna Jurgens, who held that role, will leave the company.

The company also said chief financial officer Philip Hardin resigned from his post earlier this week. Hardin will leave the company after a transition period of about two weeks to pursue another opportunity, according to the filing.

Lubi Kutua, previously Beyond Meat’s vice president for financial planning and analysis and investor relations, assumed the senior financial role on Thursday.

Beyond Meat did not immediately return a request for comment on the changes.

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