Vegetarian sausages from Beyond Meat Inc, the vegan burger maker, are displayed for sale at a market in Encinitas, California June 5, 2019.
Mike Blake | Reuters
Beyond meat‘s announced significant staff cuts and the departure 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 aim to achieve cash flow positive operations within the second half of 2023.
Shares of the company, which had already fallen about 77% this year, fell in premarket trading on Friday.
As part of the downsizing, the role of chief growth officer has been eliminated and Deanna Jurgens, who held that role, will leave the company. Her departure coincides with the departure of two other C-suite executives, all announced on Friday. The company announced that its chief financial officer is also leaving.
Ramsey left the company effective Friday, weeks after he was arrested for allegedly biting a man on the nose after a college football game in Arkansas.
Source: Washington County, Arkansas
The company 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 terrorism threats and third-degree assault after he allegedly assaulted a driver in a parking garage near Razorback Stadium in Fayetteville, Arkansas.
Police said Ramsey smashed through the rear windshield of a Subaru after hitting the front tire of Ramsey’s car, according to a police report. Ramsey then allegedly punched the Subaru driver and bit his nose “to tear the flesh at the tip of his nose,” according to the report. Police also said the victim and a witness also claimed Ramsey told the Subaru driver he was going to kill him.
Ramsey joined Beyond Meat in December. He spent three decades at Tyson Foods, where he ran the Poultry and McDonald’s businesses.
The company said in the filing that Jonathan Nelson, its senior vice president of manufacturing operations, will continue to oversee Beyond’s operations. He took over Ramsey’s role on an interim basis last month.
The filing also revealed that Chief Financial Officer Philip Hardin resigned from his post earlier this week. According to the filing, Hardin will leave the company after an approximately two-week transition period to pursue another opportunity.
Lubi Kutua, previously vice president of financial planning and analysis and investor relations at Beyond Meat, assumed the top finance role on Thursday.
Beyond Meat did not immediately respond to requests for comment on the changes.
– CNBC’s Amelia Lucas contributed to this report.
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