California-based plant-based meat producer Beyond Meat announced its plans to cut down 200 jobs (~19% of the workforce) this year with this move expected to save ~USD 39 million over the next 12 months. However, this will cost the company a one-time cash charge of ~USD 4 million in Q4 2022.

Amidst the job slashes, the company’s chief financial officer and treasurer Phil Hardin has resigned from his post while global chief growth officer and president of North America, Deanna Jurgins, was laid off. Lubi Kutua, previously Beyond Meat’s vice president for financial planning and analysis and investor relations, was appointed CFO  and treasurer. The company also announced that its chief operating officer, Doug Ramsey, who was suspended following an arrest , left the company and his role will permanently be handled by Jonathan Nelson, senior vice president of manufacturing operations.

With the demand for plant-based meats taking a dive, Beyond Meat further reduced its revenue outlook for FY 2022 to the range of USD 400 million – USD 425 million from its previous USD 470 million – USD 520 million .

Analyst QuickTake: While Beyond Meat has been making some plays in terms of product launches and partnerships in the last few months, its troubles seem far from over. This larger layoff is the second time the company has cut down jobs— the company cut 40 jobs in August 2022 —while revenue outlook has been in a steep decline since Q1 2022 which was in the range of USD 560 million – USD 620 million.