Dive Brief:
- Lubi Kutua, 42, was promoted from his role as vice president of financial planning and analysis and investor relations to CFO and treasurer for meat alternative producer Beyond Meat, according to an Friday SEC filing. Outgoing CFO Philip E. Hardin informed the company that he would be stepping down to pursue another opportunity, according to the filing.
- As part of the leadership shakeup, Jonathan Nelson, the company’s SVP of operations, will lead operations and supply chain for the company on a permanent basis, the filing said. The changes follow the departure of Beyond Meat’s former COO, Douglas Ramsey on Oct 1 after he was suspended in September, the filing also disclosed. Ramsey was arrested last month after being charged with biting a man’s nose in an Arkansas parking garage, CNBC reported on Sept. 19.
- The executive swaps also come as the the Los Angeles, Calif.-based company moves to lay off 200 employees — or 19% of their total global workforce, according to the filing.
Dive Insight:
Kutua has been at Beyond Meat since 2019, when he joined the company as VP of FP&A and investor relations. Prior to Beyond Meat, Kutua was the vice president of equity research at Jefferies, a global investment banking firm, from 2015 to 2019. He began his career at Goldman Sachs in 2004, according to his LinkedIn profile.
Kutua’s base salary has increased to $375,000 with his new role and he also will have the opportunity to earn an annual bonus at a target amount of 50% of his base salary, according to the filing.
The meat alternative producer said that the outgoing CFO’s decision to leave “did not involve any disagreement on any matter related to the Company's operations, financial reporting, internal controls, policies or practices,” according to the filing.
Included in the workforce cuts was Deanna Jurgens, the company’s chief growth officer, with the role eliminated, the filing said. Instead, the sales team will now report to Mike Sharman, who is set to join the company as chief senior vice president of global sales from NutraDied Food Company– a snack manufacturer, according to his Linkedin profile.
“To manage through the current environment and realize the opportunity ahead, we are significantly reducing expenses and sharpening our focus on a set of key growth priorities,” said CEO Ethan Brown in a company release regarding the layoffs.
Brown also announced in the company statement that he expects revenue for the third quarter to be approximately $82 million, a decrease of approximately 23% versus the prior-year period.
The company did not respond to requests for comment.
