Beyond Meat exec departs amid job cuts, slowing sales
Oct 14, 2022, 4:29 AM | Updated: 2:08 pm
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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