Beyond Meat exec departs amid job cuts, slowing sales

Oct 14, 2022, 4:29 AM | Updated: 2:08 pm
FILE - Beyond Meat products are seen in a refrigerated case inside a grocery store in Mount Prospec...

FILE - Beyond Meat products are seen in a refrigerated case inside a grocery store in Mount Prospect, Ill., Saturday, Feb. 19, 2022. Beyond Meat is cutting about 200 jobs and lowering its full-year revenue outlook as the plant-based meat maker attempts to reduce expenses and become cash flow positive. The company said Friday, Oct. 14, the job cuts, which amount to approximately 19% of its total global workforce, will be mostly completed by the end of the year. (AP Photo/Nam Y. Huh, File)

(AP Photo/Nam Y. Huh, File)

The Beyond Meat executive charged with biting a man’s nose during a fight last month left the plant-based meat company Friday amid a larger round of job cuts as the company seeks tries to offset a decline in sales.

Doug Ramsey, a former Tyson Foods executive who joined Beyond Meat as its chief operating officer late last year, was charged with felony battery and making a terroristic threat after a Sept. 17 fight in a parking garage at the University of Arkansas.

Beyond Meat suspended Ramsey a few days later. On Friday, Beyond Meat said in a regulatory filing that Ramsey was leaving the company. Ramsey is scheduled to appear in court next week.

The news came as Beyond Meat announced a second round of job cuts and trimmed its revenue expectations for the year.

The company said Friday that 200 job cuts, which amount to about 19% of its total global workforce, will be mostly completed by the end of the year. It cited record inflation as well as increased competition and lower demand for plant-based meat.

Beyond Meat Inc. expects about $4 million in one-time charges tied to the job cuts, with most of the charges booked in the fourth quarter.

The company now foresees full-year revenue in a range of approximately $400 million to $425 million. Its prior guidance was for revenue of $470 million to $520 million.

Analysts polled by FactSet predict revenue of $481 million.

The announcement by Beyond Meat comes two months after the company said that it was laying off 4% of its workforce after a difficult second quarter that saw cost-conscious customers bypass its higher-priced products.

Shares of the El Segundo, California-based company ended Friday down $1.43, or 9.7%, at $13.35.

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Beyond Meat exec departs amid job cuts, slowing sales