Vegetarian sausages from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California, June 5, 2019.
Mike Blake | Reuters
Beyond Meat plans to cut 19% of its workforce, or about 200 employees, the company said Friday 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, which are already down about 78% so far this year as the company struggles with declining sales, fell in mid-morning trading. The stock earlier this week notched a 52-week low of $12.76 per share and was last seen trading for about $13.90 per share, dragging the company’s market value below $900 million.
The announcement came as the company also revealed its chief operating officer, Doug Ramsey, left the company weeks after he was arrested for allegedly biting a man’s nose and punching a Subaru in an Arkansas parking garage.
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.
The company also said 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 a request for comment on the changes.
In August, the company announced it was trimming its workforce by 4%.