Beyond Meat, the firm plans to remove 19% of its workforce as sales and supply grind

October 17, 2022: -Beyond Meat company looks to slash 19% of its force or almost 200 employees, the company said on Friday in a filing.

The removes are anticipated to be completed by this year’s end and are an effort to acquire cash flow-positive operations within the second half of 2023.

Shares of the characters are down 77% this year as the company struggles with coming down sales. Earlier this week, the stock notched a 52-week low of $12.76 per share and was previously seen trading for about $15 per share, dragging the company’s market value to roughly $955 million.

The announcement came as the group also announced 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 head development officer role has been eliminated, and Deanna Jurgens, who held that role, will leave the company.

The business said Chief Financial Officer Philip Hardin stepped down from his post. According to the filing, Hardin is leaving the company after a two-week transition period to pursue another opportunity.

Lubi Kutua, Beyond Meat’s vice president for financial planning and analysis and investor relations, assumed the top economic role on Thursday.

Beyond Meat did not respond to return a request for comment on the changes. In August, the company announced it was trimming its workforce by 4%.