Beyond Meat plans to lay off about 200 workers, or 19 percent of its workforce, a regulatory filing revealed Friday.
The company cited declining sales and said the cuts were “based on a cost-cutting initiative aimed at reducing operating expenses and cash-flow positive operations in the second half of 2023.”
Beyond Meat, the breakfasts are expected to be completed by the end of the year.
Shares of the company, which opened Friday on the Nasdaq, are down 87% from their 52-week high, falling further in early morning trading after the news of the layoffs. At the start of the week, it hit a 52-week low of $12.76, and last traded at $13.95, which puts the company’s market value below $900 million.
As part of the job cuts, the company has eliminated the role of Chief Growth Officer/President of North America. Diana Jurgens, who played that role, will leave the company on October 17.
In addition, Chief Financial Officer Philip Hardin has informed the company that he will leave on October 12 “to pursue another opportunity”. Lubi Kutua, who was previously Vice President of Financial Planning, Analysis and Investor Relations at Beyond Meat, has been appointed by the Board in the same role effective October 13.
The company cut its full-year revenue guidance and reported third-quarter net income of $82 million, down 23% to the 2021 quarter. It will be between 14% and 9% lower than last year. The company previously forecast year-end revenue of $470 million to $520 million, the filing said.
A request for comment on the changes to Beyond Meat was not immediately returned.
The company announced a 4% layoff in August, but when its chief operating officer, Douglas Ramsey, left the company – his last day was Friday – he accused him of assaulting him after his recent arrest. Human nose. Jonathan Nelson was promoted to head up the operations and supply chain.
Current and former Beyond Meat employees can contact Christine Hall at email@example.com.