Vegetarian sausages from Beyond Meat Inc, maker of vegan burgers, are displayed for sale at a market in Encinitas, California, June 5, 2019.
Mike Blake | Reuters
Besides meat The company plans to cut 19% of its workforce, or about 200 employees, the company said Friday in a submit the application as prescribed.
The cuts are expected to be completed by the end of the year and are an attempt to achieve positive operating cash flow in the second half of 2023.
Shares of the company, which have fallen about 78% so far this year as the company struggles with declining sales, were down in mid-morning trading. Earlier this week, the stock hit a 52-week low of $12.76 per share and last traded for around $13.90 per share, dragging the company’s market value below 900. million dollars.
The announcement comes as the company also revealed its chief executive, Doug Ramsey, has left the company weeks after he was arrested for allegedly biting a man in the nose and punching a Subaru in an Arkansas garage.
As part of the job cuts, the role of chief growth officer has been removed and Deanna Jurgens, who held that role, is leaving the company.
The company also said Chief Financial Officer Philip Hardin had resigned earlier this week. Hardin will leave the company after a transition period of about two weeks to pursue another opportunity, according to the filing.
Lubi Kutua, formerly Beyond Meat’s vice president of financial planning and analysis and investor relations, assumed the top finance role on Thursday.
Beyond Meat did not immediately return a request for comment on the changes.
In August, the company announced that it was cut 4% of the workforce.
