Beyond Meat Chief Operating Officer Doug Ramsey is leaving the company after his recent arrest for assault.
Ramsey was arrested last month on on charges of “terroristic threatening” and third-degree battery after he allegedly bit a man’s nose following a Arkansas football game. Ramsey was released on an $11,000 bond the following day, according to court records.
Beyond Meat (BYND) suspended Ramsey over the incident. In a SEC filing, the company announced Ramsey’s departure, noting Friday will be his last day of employment.
The company appointed Jonathan Nelson, who was overseeing Ramsey’s role on an interim basis following his suspension, to become the company’s senior vice president of operations.
Ramsey joined Beyond Meat in December last year, pivoting from a three-decade career at Tyson Foods (TSN).
Layoffs
Shares of Beyond Meat of were down 2% in pre-market trading Friday after Beyond Meat also announced it was laying off 200 employees, or 19% of its workforce.
“This decision was based on cost-reduction initiatives intended to reduce operating expenses, sharpen the company’s focus on a set of key growth priorities, and target cash flow positive operations within the second half of 2023,” it said in the filing.
Beyond Meat had been a market leader in the plant-based meat space, alongside rival Impossible Foods. It was a Wall Street juggernaut after its IPO in 2019, but since then has struggled to deliver on sales goals.
Shares have fallen more than 90% from their 2019 high.
In its most recent earnings report, the company blamed inflation for disappointing sales and downbeat outlook. Beyond Meat has long said it hopes to scale up enough to bring the price of its plant-based offerings in line with animal-based products. But in an earnings call with analysts, CEO Ethan Brown said the company wasn’t there yet. The price of Beyond’s “beef” sells for $8.35 a pound, compared with USDA ground beef, which sells for $4.90.
“That is a very difficult proposition when consumers have very high levels of inflation going on and their buying power in grocery is declining,” Brown said.
– CNN’s Allison Morrow contributed to this story
