Beyond Meat (NASDAQ:BYND) plans to cut 19% of its workforce, or about 200 employees, the company said Friday.
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, already down about 77% so far this year as the company struggles with declining sales, fell 75 cents, or 5.1%, in early trading Friday to $14.03. The stock earlier this week notched a 52-week low of $12.76 per share and was last seen trading for about $14.60 per share, dragging the company’s market value to roughly $920 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.
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.
In August, the company announced it was trimming its workforce by 4%.
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