Beyond Meat suspends COO after alleged nose biting incident

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Beyond Meat (BYND) has suspended its Chief Operating Officer (COO) Doug Ramsey after he used to be arrested this previous weekend for allegedly biting a person’s nose.

The alleged incident came about inside of an Arkansas parking storage following a University of Arkansas soccer sport, in step with a initial police document acquired through native tv station KNWA/Fox 24. The document famous that Ramsey allegedly “punched through the back windshield” of any other automobile right through a street rage altercation after the automobile hit the entrance tire of the meals government’s automotive.

Ramsey, who had simply joined the corporate in December, used to be charged with terroristic threatening and third-degree battery, in step with court records.

Beyond Meat COO Doug Ramsey arrested after alleged road rage altercation (Source: Washington County, Arkansas)
Beyond Meat COO Doug Ramsey arrested after alleged street rage altercation (Source: Washington County, Arkansas)

In a statement launched on Tuesday afternoon, the corporate mentioned that Jonathan Nelson, senior vp of producing operations, will oversee operations actions on an meantime foundation within the period in-between.

Ramsey’s arrest is simply the most recent PR headache for Beyond Meat, which has additionally handled a sinking inventory worth amid quite a lot of operational headwinds.

The plant-based meat maker slashed its international team of workers through 4% and reduce its full-year steering after reporting a wider-than-expected loss in its newest quarter. The corporate additionally overlooked on income, blaming the have an effect on of gross sales to liquidation channels along with foreign currency headwinds and higher reductions.

“We recognize progress is taking longer than we expected,” CEO Ethan Brown mentioned in a commentary on the time.

Beyond’s management workforce famous that its running surroundings remains to be suffering from near-term uncertainty associated with macroeconomic problems, together with inflation and emerging rates of interest, along with COVID-19 and provide chain disruptions.

On the income name, the corporate published that it sees a extend in post-COVID resumption of expansion, and that buying groceries patterns have shifted clear of plant-based meat with shoppers in large part buying and selling down.

Analysts be expecting Beyond Meat’s gross sales and earnings to stay unstable till the corporate makes higher strides in containing running bills.

“The pursuit of expansion alternatives such as jerky is developing operational inefficiencies and better prices, burning thru money,” Bloomberg Intelligence analyst Jennifer Bartashus mentioned in a be aware, including that “elevated supply-chain costs and production challenges may weigh on margins.”

Alexandra is a Senior Entertainment and Food Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and electronic mail her at alexandra.canal@yahoofinance.com

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