Layoffs at BYND:
Beyond Meat exec accused of biting man’s nose is out, as company announces broad layoffs
PUBLISHED FRI, OCT 14 20227:26 AM EDT
UPDATED 20 MIN AGO
Mike Calia @NEWSMC615
Sara Salinas @SARACSALINAS
CNBC.com
KEY POINTS
-- Beyond Meat announced the departures of three top executives — including Chief Operating Officer Doug Ramsey, who was recently arrested for assault.
-- Beyond Meat also said it plans to cut 19% of its workforce, or about 200 employees.The company also said its chief growth and financial officers were out.
Beyond Meat’s announced significant workforce cuts and the departures of three top executives — including Chief Operating Officer Doug Ramsey, who was recently arrested for assault.
Beyond Meat plans to cut 19% of its workforce, or about 200 employees, the company said in a regulatory filing. The cuts are expected to be completed by the end of the year and are an effort to achieve cash flow positive operations within the second half of 2023.
Shares of the company, already down about 77% so far this year, fell in premarket trading Friday.
As part of the job cuts, the role of chief growth officer has been eliminated and Deanna Jurgens, who held that role, will leave the company. Her departure aligns with the exits of two other C-suite executives, all announced Friday. The company said its chief financial officer is also leaving.
Ramsey left the company effective Friday, weeks after he was arrested for allegedly biting a man’s nose following a college football game in Arkansas.
Douglas Ramsey
Source: Washington County, Arkansas
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The company had originally suspended Ramsey after the arrest became public last month. Beyond Meat revealed Ramsey’s exit in a securities filing Friday morning. CNBC has reached out to Ramsey for comment.
In September, Ramsey was charged with making terroristic threats and third-degree battery after allegedly assaulting a driver in a parking garage near Razorback Stadium in Fayetteville, Arkansas.
Police said Ramsey punched through the back windshield of a Subaru after it hit the front tire of Ramsey’s car, according to a police report. Ramsey then allegedly punched the Subaru driver and bit his nose, “ripping the flesh on the tip of the nose,” the report said. Police also said the victim and a witness also claimed Ramsey told the Subaru driver he would kill him.
Ramsey joined Beyond Meat in December. He spent three decades at Tyson Foods, where he oversaw its poultry and McDonald’s businesses.
The company said in the filing said Jonathan Nelson, its senior vice president of manufacturing operations, will permanently oversee Beyond’s operations activities. He took over Ramsey’s role on an interim basis last month.
The filing also revealed that Chief Financial Officer Philip Hardin stepped down from his post earlier this week. Hardin will leave the company after a roughly two-week transition period to pursue another opportunity, according to the filing.
Lubi Kutua, previously Beyond Meat’s vice president for financial planning and analysis as well as investor relations, assumed the top financial role on Thursday.
Beyond Meat did not immediately return request for comment on the changes.
– CNBC’s Amelia Lucas contributed to this report.
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