Beyond Meat to Cut 200 Jobs in Cash-Saving Move
Beyond Meat, the company that makes plant-based meat alternatives is planning to cut around 200 jobs as it struggles with declining sales. This represents about 19% of its workforce. The job cuts are expected to be completed by the end of the year and will save the company around $10 million per year. Beyond Meat’s stock price has been falling steadily this year, and earlier this week hit a 52-week low.
This news comes after Beyond Meat’s chief operating officer, Doug Ramsey, was recently arrested for allegedly biting a man’s nose and punching a Subaru in an Arkansas parking garage. Ramsey has since left the company. Beyond Meat is hoping that these cost-saving measures will help it become cash flow positive by the second half of 2023.
Both Chief Financial Officer and Chief Growth Officer positions will be eliminated as part of the job cuts. These changes come as Beyond Meat tries to right the ship and get back on track after a challenging year.
Founded in 2009 by Ethan Brown, Beyond Meat is a company based out of Los Angeles that produces plant-based meat substitutes. Their first products were available to the public in 2012 and since then, they have expanded their offerings to include beef, pork, and poultry options. All of Beyond Meat’s products are vegan and can be purchased at over 50 thousand retail locations around the world including Europe, Asia, Canada, and of course – the United States. The company has also partnered up with Tyson Foods as well as McDonald’s.