Whoa! Beyond Meat Has Been Forced To Send A Fifth Of Its Employees Beyond Having A Job!

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Weeks after a senior executive at one of the nation’s largest producers of alternative meat products has been arrested for biting the nose of another man during a road rage confrontation. Roughly 19% of employees at Beyond Meat will soon be on the search for greener pastures as the company announced layoffs and the decision to fire former COO Doug Ramsey.

Beyond Meat, a company that makes plant-based meat substitutes announced in a regulatory filing that 200 employees would be let go as a result of “cost-reduction initiatives intended to reduce operating expenses.” Before it saves $27 million in operating expenses a year, Beyond Meat expects to incur “one-time cash charges of approximately $4 million in connection with the reduction in force, primarily consisting of the notice period and severance payments, employee benefits and related costs.”

However, in recent months, shares in Beyond Meat have taken a tumble, losing more than 70% of their values this year alone. The firm has said it has taken a hit because of the cost-of-living crisis as consumers balk at the sometimes higher price of its products when compared to meat.

Douglas Ramsey, 53, who is the chief operating officer of Beyond Meat, allegedly punched a man and bit that man on the nose so hard that it tore his flesh. The incident reportedly took place in an Arkansas parking garage after a Subaru made contact with Ramsey’s front tire, prompting him to get out of his car and punch the back windshield.

Ramsey had expressed excitement about joining the vegan food distributor, Ramsey is formerly an executive at Tyson Foods, where he led the company’s business with McDonald’s.

Upon his appointment, Ramsey said, “Beyond Meat is the gold standard in the plant-based meat industry and I am proud to join in its mission to produce delicious products that are healthier for our customers and more sustainable for our planet, I’m thrilled to be a part of a company that is constantly innovating and delivering high-quality products to some of the world’s most prominent foodservice and retail customers.”

Ramsey will be replaced by Jonathan Nelson, the company’s senior vice president of manufacturing operations, who will earn a base salary of $355,000.

One of many businesses that have slowed hiring or implemented layoffs is Beyond Meat, as over the past two years, the US economy has struggled to recover due to a number of setbacks, such as labor shortages, bottlenecks in the supply chain, and the Russian invasion of Ukraine, all of which have exacerbated inflationary pressures.

Despite the Federal Reserve’s harsh contractionary policy, prices rose 8.2% between September 2021 and September 2022, exceeding expectations. The 0.4% month-on-month increase exceeded analysts’ expectations, while core inflation, which excludes the more volatile food and energy categories, reached 0.6% versus an estimate of 0.4%, in a Thursday report from the Bureau of Labor Statistics.

According to a poll from ABC News and The Washington Post, the prospects for Democratic candidates in the midterm elections are immediately impacted by the most recent inflation report, the economy and inflation are major concerns for voters getting ready to cast ballots, with 84% of respondents ranking the economy as the top issue on their minds. Regarding confidence in managing the economy and inflation, the Republicans have a 16% and a 19% advantage over the Democrats, respectively.

Sources: Dailywire, Reuters, Fortune

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