Beyond Meat to cut 19% of its workforce as sales, stock struggle

Beyond Meat plans to chopped 19% of its workforce, oregon astir 200 employees, the institution said Friday successful a regulatory filing.

The cuts are expected to beryllium completed by the extremity of the twelvemonth and are an effort to execute currency travel affirmative operations wrong the 2nd fractional of 2023.

Shares of the company, already down astir 77% truthful acold this twelvemonth arsenic the institution struggles with declining sales, fell successful premarket trading Friday.

The announcement came arsenic the institution besides revealed its main operating officer, Doug Ramsey, near the institution weeks aft helium was arrested for allegedly biting a man's chemoreceptor and punching a Subaru successful an Arkansas parking garage.

As portion of the occupation cuts, the relation of main maturation serviceman has been eliminated and Deanna Jurgens, who held that role, volition permission the company.

The institution besides said Chief Financial Officer Philip Hardin stepped down from his station earlier this week. Hardin volition permission the institution aft a astir two-week modulation play to prosecute different opportunity, according to the filing.

Lubi Kutua, antecedently Beyond Meat's vice president for fiscal readying and investigation arsenic good arsenic capitalist relations, assumed the apical fiscal relation connected Thursday.

Beyond Meat did not instantly instrumentality a petition for remark connected the changes.

In August, the institution announced it was trimming its workforce by 4%.