String of problems mounting for Beyond Meat |
The Wall Street Journal looks at how problems are mounting at Beyond Meat. The company's IPO in May 2019 was one of the most successful by a major firm in over 20 years. However, since then, Beyond has been losing money and amassing debt. A number of top leaders have left, including its COO, who was detained in September after being accused of biting someone's nose. Plant-based meat replacements are selling less in American grocery stores, while competitors are gaining market share. The price of Beyond's stock has dropped 83% during the past year. Ethan Brown, CEO and founder, is credited with helping expand the market for meat substitutes with his plant-based sausages and burgers designed to look, cook and taste like the real thing. However, the WSJ notes that some current and former employees said Mr. Brown also has struggled to stick to priorities and manage Beyond’s growth - switching gears frequently in ways that have left teams confused and frustrated. According to internal documents, Mr. Brown’s drive to roll out new products on rushed timelines led to missed deadlines, disappointed customers and wasted packaging and ingredients. Meanwhile, a new offering backfired when veggie sausages slumped in their packaging on store shelves. |
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