Thoughts and prayers for Beyond Meat at this difficult time. The vegan burger substitution company is currently swimming in the struggle sauce. Doug Ramsay, Chief Operating Officer, Beyond, commented From the company after his alleged arrest biting the man’s nose in a quarrel. Then there are the worsening financial problems caused by the food turmoil.
Ramsey reportedly got into a feud while leading a college football game in Fayetteville, Arkansas. According to the police report, Beyond’s CEO was alarmed when another vehicle attempted to merge into his lane.
Police report claims Ramsay got out of his car, punched Across The rear windshield of the offending car, then – when the other driver got out of his car, Ramsay punched them several times. Finally, the report claims that Ramsay also bit the other person’s nose, “rip off his flesh,” according to representativeort From The Associated Press. Yikes.
The operations director has been charged with a felony and terrorist threat, and was released Sunday on $11,085 bail.
Before heading up operations at Beyond Meat, Ramsey spent 30 years of working for Tyson Foods, a poultry giant, in various high-profile roles. There’s a Mike Tyson joke being made here somewhere, but I can’t put my (hen) finger on it.
Ramsey’s alleged behavior is inexplicably and frankly annoying. But maybe that’s how the (terrifying) guy responds to stress. Lost beyond meat more than 85% of its share value in the past 12 months, dropping from about $112 to less than $17. To note: Shortly after the company went public in 2019, the stock peaked at roughly $235.
gloomily Quarterly earnings report Last month, Beyond’s prospects looked bleak, too. The company revealed that its revenue fell 1.6% and that it had a net loss of $97 million — much more than analysts had expected, according to a report From The Associated Press. Amidst financial distress, Beyond Meat announced layoffs by 4% of its workers all over the world.
In a call with shareholders, Ethan Brown, Beyond President and CEO, attributed the poor quarterly performance to the current high cost of food, which makes consumers less likely to shy away from premium-priced counterfeit meat. However, Brown did not mention the fact that the required appetite for Beyond products There may not beEven when it’s a quick and relatively inexpensive meal.
Earlier in August, McDonald’s ended its 6-month trial, 600 restaurants of Beyond’s McPlant burger in the United States. Note: McPlant was still Its price is more than 65% Higher than a quarter pestle comparison. The fast food chain was experimenting with the vegan product to see how to sell it, and the answer seemed to be “not very good.”
In some rural areas, customers only ordered 3-5 McPlants per day. Even in cities like San Francisco, sandwich sales are reported to have been Much less from the target. There is no news since then on whether or not a follow-up US trial is scheduled. However, the company still has ongoing product beta programs With Kentucky Fried ChickenAnd the express panda.
Beyond announced a new fast-food partnership with Taco Bell on Wednesday. The company is testing Beyond Carne Asada Steak at 50 Ohio chain locations. In contrast to McPlant, the company said the new product “will be offered at a price similar to a traditional Taco Bell steak to increase access to plant-based products.”
But even thinking outside the cake doesn’t seem to get Beyond back on the right track. The Vo Karen Asada announcement sent stock prices up for a brief period, before they started falling again. As of this writing, stocks are hovering around the same price they were at yesterday’s close.
Taken all together, it looks like the company could be headed toward a full face factory. Which is kind of a shame, given the Environmental Consequences of Industry Beyond meat in theory trying to sabotage. Veggie burgers (and other meat alternatives) better It has more climate than traditional beef. But beyond mThey need a culture shift (and a new executive team) if the company is to live up to thatLots of potential overly optimistic.
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