According to press sources, plant-based meat replacement maker Beyond Meat has announced a new wave of layoffs due to dwindling sales.

Several other senior executives have also departed the firm, including Chief Operating Officer Doug Ramsey, who was suspended in September after allegedly biting a guy on the nose and threatening to murder him.

Bloomberg stated that the recent layoffs came only two months after the business fired off 40 of its 1,100 employees in August. It is “unclear” how many employees will be let go in this latest wave of layoffs, according to the news source.

“The onetime Wall Street darling faces mounting challenges as rising inflation drives consumers toward less-expensive animal proteins and competition intensifies,” Bloomberg reported.

“Major fast-food partnerships have failed to gain traction, and the company has struggled to ramp up production.”

CNBC News claimed that the most prominent executive to quit the firm was Ramsey, who was suspended in September after being arrested for reportedly biting a man’s nose during a college football game in Arkansas.

After the motorist struck Ramsey’s car’s front tire in a parking garage in Fayetville, Arkansas, Ramsey allegedly attacked the driver.

CNBC reported that Ramsey then punched through the rear windshield of the other driver’s Subaru, punched and bit the driver, “ripping the flesh on the tip of the nose,” and threatened to kill him. According to the victim and a witness, Ramsey punched through the rear windshield of the other driver’s Subaru, punched and bit the driver, and threatened to kill him.

According to a regulatory filing, Beyond Meat subsequently announced Ramsey’s departure from the firm on October 14.

The Wall Street Journal said that the business also announced that the vice president of its financial planning and analysis of investor relations, Lubi Kutua, would assume the role of chief financial officer.

This follows Philip Hardin’s departure from the position, as disclosed in the regulatory filing.

According to the Journal, the corporation is also abolishing the role of Deanne Jurgens, global chief growth officer and president of North America.

More on this story via The Western Journal:

The layoffs and firings are part of Beyond Meat’s plan to cut costs by reducing its total employment by about 20 percent, the Journal added.

The company announced that it is hoping that planned cutbacks will save about $39 million in operational costs. CONTINUE READING…