Meati Foods (formerly Emergy Food), a mycelium-based meat alternative developer, has appointed Phil Graves, who joined the company earlier this month as CFO, as its new CEO.

Graves will focus on aligning the company's resources with profitability objectives and work on right-sizing its workforce to pave the way for sustainable long-term expansion, which includes a planned 13% reduction in workforce.

Graves has extensive experience in strategic planning, financial management, and operational optimization and has successfully scaled mission-driven companies like Patagonia, Wild Idea Buffalo, and Bass Pro Shops/Cabela’s.

Analyst QuickTake: In June 2023, Meati held a round of layoffs , which affected 5% of its 300-person workforce. The planned workforce reduction is similar to decisions by other industry players, like Beyond Meat and Impossible Foods , to improve resource allocation and long-term sustainability.