Past Meat to chop 19% of its workforce as gross sales, inventory wrestle

Past Meat plans to chop 19% of its workforce, or about 200 workers, the corporate mentioned Friday in a regulatory submitting.

The cuts are anticipated to be accomplished by the tip of the 12 months and are an effort to realize money movement constructive operations throughout the second half of 2023.

Shares of the corporate, that are already down about 78% to date this 12 months as the corporate struggles with declining gross sales, fell in mid-morning buying and selling. The inventory earlier this week notched a 52-week low of $12.76 per share and was final seen buying and selling for about $13.90 per share, dragging the corporate’s market worth beneath $900 million.

The announcement got here as the corporate additionally revealed its chief working officer, Doug Ramsey, left the corporate weeks after he was arrested for allegedly biting a person’s nostril and punching a Subaru in an Arkansas parking storage.

As a part of the job cuts, the function of chief progress officer has been eradicated and Deanna Jurgens, who held that function, will depart the corporate.

The corporate additionally mentioned Chief Monetary Officer Philip Hardin stepped down from his publish earlier this week. Hardin will depart the corporate after a roughly two-week transition interval to pursue one other alternative, in accordance with the submitting.

Lubi Kutua, beforehand Past Meat’s vp for monetary planning and evaluation in addition to investor relations, assumed the highest monetary function on Thursday.

Past Meat didn’t instantly return a request for touch upon the adjustments.

In August, the corporate introduced it was trimming its workforce by 4%.