Plant-based protein company Beyond Meat (US:BYND) shares fell on Friday after the company revealed a series of cost-cutting plans, including a 20% companywide layoff and related $4 million charge, and said a scandal-plagued executive is leaving.
Late Thursday, Bloomberg News reported that the company was looking at additional job cuts after reducing its headcount by about 4% in August,
The company confirmed those reports on Friday morning, as Beyond Meat will slash another 200 jobs or roughly 19% of its workforce.
The company is also reducing its full-year revenue outlook to $400 million to $425 million, well below the previous $470 million to $520 million. It’s also lighter than Wall Street’s $478.8 million consensus estimate.
Beyond Meat posted preliminary third-quarter revenue of $83 million, down 23% from a year ago and below analysts’ $115.5 million.
If the disappointing preliminary results and reduced full-year revenue outlook weren’t enough, a newly filed Form 8K shows that Chief Operating Officer Doug Ramsey is leaving the company.
The company suspended Ramsey after an arrest last month due to an altercation near the University of Arkansas football stadium following a traffic dispute.
Police alleged that Ramsey punched through the back windshield of a Subaru after it hit the front tire of Ramsey’s car. Ramsey then allegedly punched the Subaru driver and bit his nose, “ripping the flesh on the tip of the nose,” the report said. Police also said the victim and a witness claimed Ramsey told the Subaru driver he would kill him.
Ramsey joined Beyond Meat in December 2021 after working for Tyson Foods (US:TSN) for 30 years, according to his LinkedIn profile (his page at Beyond Meat’s Investor Relations page has already been down).
Beyond Meat, the stock finished lower by just 0.5% last week and is down less than 2% this week. That said, the stock is in the midst of a 10-week losing streak and has suffered a peak-to-trough decline of 71.4% during that span. It made new lows of the year on Monday, October 10th.
This article originally appeared on Fintel
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