After Doug Ramsey was arrested this past weekend on charges of allegedly biting a man’s nose, Beyond Meat Inc (BYND) decided to suspend him from his position as Chief Operating Officer (COO).
According to a preliminary police report acquired by the local television station KNWA/Fox 24, the alleged incident occurred inside a parking garage in Arkansas after a football game played at the University of Arkansas. According to the complaint, Ramsey allegedly “punched through the back window” of another vehicle during a road rage argument after the other vehicle hit the front tire of the food executive’s automobile. The incident occurred after Ramsey’s car was struck by the other vehicle.
Beyond Meat Inc COO Suspended
According to the court records, Ramsey, who had only recently started working for the company in December, was accused of making a terroristic threat and of violence in the third degree.
The company announced in a statement issued on Tuesday afternoon that Jonathan Nelson, the senior vice president of manufacturing operations, will be in charge of operations activities on an interim basis. In contrast, the company is searching for a permanent replacement.
Beyond Meat Inc has been dealing with various operational difficulties in addition to a falling stock price, and the arrest of Ramsey is just the latest public relations nightmare.
After posting a loss worse than anticipated in its most recent quarter, the manufacturer of plant-based Meat reduced its global staff by 4% and lowered its projection for the whole year. The company cited the impact of sales through liquidation channels, the adverse effects of foreign exchange headwinds, and more excellent discounts as the reason for the revenue shortfall.
The company’s Chief Executive Officer, Ethan Brown, stated at the time, saying, “We understand development is taking longer than we intended.”
The management team of Beyond Meat Inc observed that the company’s operating environment is still negatively impacted by near-term uncertainty due to macroeconomic difficulties. These issues include rising interest rates and inflation, in addition to COVID-19 and disruptions in supply chain operations.
During the earnings call, the company disclosed that it anticipates a delay in the post-COVID resumption of growth and that shopping patterns have shifted away from plant-based Meat, with consumers mainly trading down. Additionally, the company stated that it believes there will be a delay in the resumption of growth following the implementation of COVID.
Until Beyond Meat Inc makes further advances in limiting operating expenses, industry analysts anticipate that the company’s sales and earnings will remain unpredictable.
According to a statement made by analyst Jennifer Bartashus of Bloomberg Intelligence, “the pursuit of growth opportunities such as jerky is creating operational inefficiencies and higher costs, burning through cash.” Bartashus added that “elevated supply-chain costs and production challenges may weigh on margins.”
Image: DepositPhotos © Paha_l