Beyond Meat executive exits after biting incident

Share on facebook
Share on linkedin
Share on twitter

Print

Image Source: Syracuse

Vegan food firm Beyond Meat has confirmed the exit of its executive who was accused of biting a man’s nose at a football game in September.

After the event, Douglas Ramsey, the US company’s then-chief operational officer, had been placed on indefinite leave by the plant-based burger company. His resignation coincides with a more extensive business reorganization dealing with waning fake meat demand.

The company added that 200 employees, or 20% of its employment, would be let go. The cuts, intended to generate cash flow-positive operations in the second half of 2023, are anticipated to be finished by year’s end. The firm revealed in August that it was 4% downsizing its employment.

The company’s market worth plummeted below $900 million on Friday due to Friday’s almost 10% decline in share price. As the plant-based foods manufacturer battles dwindling sales, the stock was already down roughly 78% going into the trading day. Share prices hit a 52-week low of $12.76 earlier this week.

According to Beyond Meat, which began selling plant-based cuisine in 2012, consumers gravitate toward traditional Meat since it is less expensive.

New rivals, such as food giants Kellogg and Tyson Foods, have also weakened the company’s competitive advantage.

On Friday, executives warned investors, predicting a 9% to 14% decline in sales this year compared to 2021. It represents a substantial deceleration from the more than 20% growth the corporation had previously expected. This is the second time in recent months that the company has lowered its projection.

In August, Beyond Meat revealed a previous round of layoffs. Several executives have also left the company in recent weeks, in addition to Mr. Ramsey.

When contacted for comment regarding Mr. Ramsey, the company remained silent.

He was detained last month after allegedly biting a man’s nose during an altercation following an Arkansas football game. His final day was October 14, according to the business.

Beyond Meat biting incident

Remember how the COO of vegan food juggernaut Beyond Meat was detained in September after allegedly biting a man’s nose during an argument in the US?

According to court documents, Douglas Ramsey, 53, is accused of third-degree violence and “terroristic threatening.” However, he was freed after posting an $11,085 (£9,711) bond two days later.

According to a local TV station, the event happened Saturday night as he left a parking garage in Fayetteville, Arkansas, following a football game.

According to KNWA/KFTA, a US television station that published a preliminary police report, he got into an argument with another driver. He bit the man, “pulling the flesh on the tip of the nose.”

Mr. Ramsey managed the company’s poultry and McDonald’s business segments during his three decades of employment with the world’s largest meat processor, Tyson Foods.

 

He started working with Beyond Meat as its COO in December last year.

In May 2019, the plant-based burger, sausage, and nugget manufacturer Beyond Meat made its stock market debut on the Nasdaq exchange in New York.

Its initial trading day saw a share price increase of more than 160%, making it one of the most successful initial public offerings in recent memory.

Beyond Meat’s stock has since declined, shedding more than 70% of its worth this year alone.

Beyond Meat said in August that it would reduce about 4% of its global employees and drop its annual revenue expectation.

As consumers everywhere experience increased cost of living, chief executive Ethan Brown claimed that the more excellent price of plant-based Meat had hampered the company’s growth.