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    Beyond Meat executive departs amid job cuts, slowing sales

    AP – The Beyond Meat executive charged with biting a man’s nose during a fight last month left the plant-based meat company on Friday amid a larger round of job cuts as the company seeks tries to offset a decline in sales.

    Former Tyson Foods executive who joined Beyond Meat as its chief operating officer late last year Doug Ramsey was charged with felony battery and making a terroristic threat after a September 17 fight in a parking garage at the University of Arkansas.

    Beyond Meat suspended Ramsey a few days later. On Friday, Beyond Meat said in a regulatory filing that Ramsey was leaving the company. Ramsey is scheduled to appear in court next week.

    The news came as Beyond Meat announced a second round of job cuts and trimmed its revenue expectations for the year.

    The company said on Friday that 200 job cuts, which amount to about 19 per cent of its total global workforce, will be mostly completed by the end of the year. It cited record inflation as well as increased competition and lower demand for plant-based meat.

    Beyond Meat Inc expects about USD4 million in one-time charges tied to the job cuts, with most of the charges booked in the fourth quarter. The company now foresees full-year revenue in a range of approximately USD400 million to USD425 million. Its prior guidance was for revenue of USD470 million to USD520 million.

    Analysts polled by FactSet predict revenue of USD481 million.

    The announcement by Beyond Meat comes two months after the company said that it was laying off four per cent of its workforce after a difficult second quarter that saw cost-conscious customers bypass its higher-priced products.

    Shares of the El Segundo, California-based company ended on Friday down USD1.43, or 9.7 per cent, at USD13.35.

    Beyond Meat products in a refrigerated case inside a grocery store in Mount Prospect, Illinois. PHOTO: AP
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