FAUX FOOD FUMBLE: Beyond Meat cuts 200 jobs, shakes up leadership team
Beyond Meat is slashing 200 jobs, or approximately 19% of its global workforce, as part of an effort to achieve positive cash flow within the second half of 2023.
The company estimates one-time cash charges of approximately $4 million in connection with the layoffs, primarily consisting of notice period and severance payments, employee benefits and related costs, with the majority of these charges incurred during the fourth quarter of 2022. The layoffs will be substantially complete by the end of the year.
Engineered plant-based burger patties from food company Beyond Meat are visible on shelves among other meat alternatives at a grocery store in San Ramon, California, August 28, 2019. PLANT-BASED MEAT SALES DECLINING, INDUSTRY POSSIBLY SUFFERING ‘PERCEPTION PROBLEM’Beyond Meat Chief Operating Officer Doug Ramsey, who was suspended following his arrest for allegedly biting a man's nose during an altercation last month, has left the company.
Meanwhile, Chief Financial Officer Philip Hardin will leave the company to pursue another opportunity and Deanna Jurgens, Beyond Meat's chief growth officer and president of its North American operations, will also depart after her role was eliminated. The reduction in force, combined with the elimination of certain open positions and changes to the executive leadership team, is expected to result in approximately $27 million in cash operating expense savings.
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