Beyond Meat cuts 19% of workforce, shakes up leadership team
Beyond Meat expects full-year revenue in the range of approximately $400M to $425M
Check out what's clicking on FoxBusiness.com
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. (Photo by Smith Collection/Gado/Getty Images) (Photo by Smith Collection/Gado/Getty Images) / Getty Images)
As of the end of 2021, Beyond Meat had a total of about 1,100 employees.
PLANT-BASED MEAT SALES DECLINING, INDUSTRY POSSIBLY SUFFERING ‘PERCEPTION PROBLEM’
Beyond Meat is also shaking up its leadership team.
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. (Washington County, Arkansas Sheriff's Office)
Chief Operating Officer Doug Ramsey's last day of employment will be Friday. Ramsey was suspended following his arrest for allegedly biting a man's nose during an altercation last month.
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.
CLICK HERE TO READ MORE ON FOX BUSINESS
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BYND | BEYOND MEAT INC. | 5.01 | -0.14 | -2.72% |
In addition to announcing the job cuts, Beyond Meat is cutting its full-year revenue outlook. The company is now forecasting full-year net revenue in the range of approximately $400 million to $425 million, down from its previous guidance range of $470 million to $520 million.
Shares of Beyond Meat have fallen approximately 77% year to date.