Beyond Meat taps Tyson Foods veterans as it prepares for fast-food growth next year

Packs of Beyond Meat plant-based burger patties are displayed for sale.Paul Yeung | Bloomberg via Getty Images

Beyond Meat has poached two industry veterans from Tyson Foods for executive positions as it prepares for high-profile launches next year.

Doug Ramsey will assume the role of chief operating officer. He spent three decades at Tyson, overseeing its poultry and McDonald's businesses. His experience with the fast-food giant will be an asset for Beyond, which signed a three-year global deal with McDonald's earlier this year. Beyond also has partnerships with Taco Bell owner Yum Brands and PepsiCo.

Beyond's former COO, Sanjay Shah, left the company in September after less than two years in the role for a position with delivery service Gopuff. Shah's resume included time at Tesla and Amazon but no food or beverage companies.

In addition to Shah's successor, Bernie Adcock will join as chief supply chain officer, a new role for Beyond, and will report to Ramsey. He also worked at Tyson for more than 30 years, focusing on operations and supply chain management.

“[Ramsey and Adcock] understand better than almost anybody the large-scale production of protein at a cost structure that everyday consumers can afford,” Beyond Meat CEO Ethan Brown said in an interview.

'Growth on the table'

“Everything we have going, whether it's the partnership with McDonald's, with Yum, with PepsiCo, there's an enormous amount of growth on the table, and we need to make sure we have the very best in operational and supply chain capabilities available to us and our customers,” he added.

Tyson and Beyond have a history. Before Beyond's initial public offering, Tyson was an investor in the company but sold its stake as it prepared to release its own line of meat alternatives.

Shares of Beyond closed Tuesday up nearly 6% at $71.25. The stock has fallen 43% so far this year, dragging its market value down to $4.5 billion.

Investors have punished the stock as slowing grocery demand has failed to offset the Covid pandemic's damage to its food service business. Short interest has also doubled since July, according to FactSet data, with some 36% of shares sold short.

In its most recent quarter, the company also faced operational and supply chain issues that weakened its sales. U.S. revenue fell 13.9% to $67.5 million during those three months.

Brown is more optimistic about next year, but the company hasn't provided a forecast yet for 2022. For the fourth quarter, Beyond is predicting net sales of $85 million to $100 million with the expectation that operational challenges will continue to weigh on its results.

“I think what we're going to see next year gives us an opportunity to really speak to the consumer again, given the number of launches that we're going to have and the potential to create excitement in the retail space because of those activities,” Brown said.

Launches with McDonald's, PepsiCo ahead

McDonald's is running an operational test of its McPlant burger made with Beyond's beef substitute in a handful of U.S. restaurants and has begun selling the meat-free entree in several international markets. PepsiCo CEO Ramon Laguarta told CNBC in September that the company is hoping to release new plant-based food and beverages made through its joint venture with Beyond in early 2022.

A sign promoting McDonald's “PLT” burger with a Beyond Meat plant-based patty at one of 28 test restaurant locations in London, Ontario, Canada October 2, 2019.Moe Doiron | Reuters

As inflation concerns hit home for both companies and consumers, rising prices give Beyond more room to run with its price parity goals of underpricing its animal meat competitors in at least one type of meat by 2024, Brown said. Beef prices are surging while the company is looking to strip costs from its system, he said.

“Right now we have the opportunity to go back, particularly in the U.S. and create a much more efficient production system,” Brown said, adding, “Overall, the inflationary prices you're seeing, pressures you're seeing in the protein market, will favor us.”

And as the coronavirus omicron variant remains an unknown for the future, the company is prepared to face potential challenges and rely on maximizing existing product offerings, Brown said. The company has introduced more than a dozen retail and food service products in the U.S. and abroad over the last two years. The pandemic whipsawed its business, first boosting retail sales as consumers pantry-loaded, but then hurting its food service sales as restaurants shuttered.

“I think that what we'll do [in the face of pandemic-related challenges] is emphasize the product we've already commercialized, because trying to scale during the pandemic and introduce new products can be challenging,” he said.

News Related

OTHER NEWS

Businesses laud Saudi Arabia accord

The Thai business sector has hailed the agreement with Saudi Arabia to restore full diplomatic relations for the first time in more than three decades, believing it can bolster trade, ... Read more »

Seacon seeks 28% sales growth in 2022

An artist’s rendition of a housing design from Seacon with a usable area of 1,547 square metres, priced from 20 million baht. Homebuilder Seacon aims for 28% sales growth this ... Read more »

McDonald's McPlant burger selling 3 times better than expected

Participating locations sold around 70 of the plant-based burgers per outlet every day in the chain’s initial small test in December. McDonald’s McPlant burger is selling about three times more ... Read more »

TGH subsidiary ceases operation Southeast Insurance caves under claims

People wait for Covid-19 vaccination certificates at Simummuang market in Pathum Thani province on Wednesday. Rising claims for Covid-19 payouts by policyholders were cited as the reason for the closure ... Read more »

Jim Cramer says these hard-hit stocks are profitable and now look cheap enough to buy

CNBC's Jim Cramer on Wednesday offered a list of beaten-up stocks that he believes are now cheap enough to buy. All the stocks are in the Russell 3000 and meet ... Read more »

Singapore's help sought in Juthamas case

Juthamas: Civil case yet to wrap up The Office of the Attorney-General is seeking the cooperation of its Singaporean counterpart in freezing the assets of former Tourism Authority of Thailand ... Read more »

After a favorable 2021 pension increase is in sight

Shall we increase pensions? It has been a long time since that question was on the board of large fund funds. For years this was not an option because the ... Read more »

Large funds want to increase pension, but are not yet able to do so

Photo: ANP The largest pension funds in the Netherlands would like to increase pensions, but are not yet able to do so. At the end of last year, their financial ... Read more »

PTT believes oil price unlikely to hit $100 a barrel

A PTT petrol pump attendant on Phetkasem Road refuels a car. (Photo: Pattarachai Preechapanich) Soaring global oil prices are not expected to exceed US$100 per barrel despite worries over supply ... Read more »

Fed signals first US rate hike since pandemic coming in March

Federal Reserve Chair Jerome Powell is seen delivering remarks on a screen as a trader works on the trading floor at the New York Stock Exchange on Dec 15, 2021. ... Read more »

Tesla not rewarded for better-than-expected quarterly figures

In the fourth quarter, revenues rose 65% to $17.7 billion and earnings per share rose to $2.54, while analysts averaged $16.64 billion and $2.37, respectively. Analysts had hoped for more ... Read more »

Bloomberg: ECB wants to know about banks' exposure to Russia

Photo: ANP The European Central Bank (ECB) reportedly wants to know from European banks how much money they have outstanding in Russia. The move by the European regulator, about which ... Read more »

Tesla profits surge to $5.5bn but electric car maker sees supply chain woes persisting

The company led by Elon Musk said "there should no longer be doubt about the viability and profitability of electric vehicles" as its revealed a bottom line result eight times higher than a year earlier. Read more »

Labor inspectorate raids controversial employment agency Reyhan

The Labor Inspectorate raided employment agency Reyhan in Gelderse ‘s-Heerenberg on Wednesday and arrested two employees of the company. That’s what sources around the research say to NRC. An administration ... Read more »

Tesla makes record profit in the closing quarter of 2021

Photo: ANP The maker of electric cars Tesla closed the last quarter of 2021 with a record profit of 2.3 billion dollars, converted just over 2 billion euros. That represented ... Read more »

Inflation hits 30 year high of 5.9 per cent

Consumer prices are rising at the fastest pace since the 1990s, with inflation hitting 5.9 per cent at the end of 2021. Figures from Statistics New Zealand released on Thursday ... Read more »

Galapagos appoints Paul Stoffels as CEO

dr. Paul Stoffels, who now holds a senior position at Johnson & Johnson, reports being drawn to Galapagos’ entrepreneurial culture and relentless pursuit of innovation, strong R&D capabilities and growing ... Read more »

Tesla posts record profits as its deliveries soared in 2021

DETROIT — Tesla Inc. on Wednesday posted record fourth-quarter and full-year earnings as its deliveries soared despite a global shortage of computer chips that has slowed the entire auto industry. ... Read more »

Microsoft, Corning rise; Navient, F5 fall

Stocks that traded heavily or had substantial price changes Wednesday: Microsoft Corp., up $8.22 to $296.71. The software maker beat analysts’ fiscal second-quarter profit forecasts on strong demand for its ... Read more »

Families of crash victims ask US to reopen Boeing settlement

Relatives of passengers who died in crashes of Boeing 737 Max jets are pressing Attorney General Merrick Garland to help them re-open a settlement that shielded Boeing from criminal prosecution ... Read more »

New York Rangers star Henrik Lundqvist reflects on career ahead of jersey retirement

J.T. Brown #23 of the Tampa Bay Lightning skates into goalie Henrik Lundqvist #30 of the New York Rangers during the second period in Game Six of the Eastern Conference ... Read more »

Biden gets CEO support for economic agenda

The Associated PressPresident Joe Biden speaks during a meeting with private sector CEOs about the economy in the State Dining Room of the White House in Washington, Wednesday, Jan. 26, ... Read more »

Fed steps closer to rate hike as Powell says inflation outlook 'just a bit worse'

Wall Street stocks turned negative as the chair of America's central bank indicated there was "quite a lot of room" for rates to increase without causing any damage to the country's jobs recovery. Read more »

Change in tax rules clearly noticeable on the housing market

Photo: ANP The changed tax rules as of 1 January 2021 are clearly noticeable in the housing market figures. For example, the number of first-time buyers on the housing market ... Read more »

Antonio Brown considers suing Buccaneers following his release

Tampa Bay Buccaneers wide receiver Antonio Brown (81) walks the field prior to the National Football League game between the New York Jets and the Tampa Bay Buccaneers on January ... Read more »

Los Angeles bans new oil and gas wells and will phase out old ones over five years

A view of the Marathon Petroleum Corp's Los Angeles Refinery in Carson, California, April 25, 2020.Robyn Beck | AFP | Getty Images The Los Angeles City Council on Wednesday voted to ... Read more »

US central bank dome hints at interest rate hike in March

Photo: ANP The Federal Reserve left US interest rates unchanged on Wednesday as expected. There is a good chance that interest rates will be raised at the next policy meeting ... Read more »

Boom Supersonic picks North Carolina to build and test ultra-fast planes

A rendering of Boom Supersonic's Overture jet.Boom Supersonic Boom Supersonic, which is developing ultra-fast airplanes it believes will lead the return of commercial supersonic flights, has picked Greensboro, N.C. to ... Read more »

Fed: US interest rates could rise ‘soon'

For now, the Fed has kept interest rates in the range of 0 to 0.25%, even though inflation at 7% is a lot higher than the 2% that the central ... Read more »

Cost of living: Food poverty campaigner Jack Monroe welcomes inflation data shake-up

The ONS will re-start detailed analysis on how inflation affects consumers in different income groups and in the longer term has "radical new plans" to increase the number of price points it uses to calculate the cost of living. Read more »

Tesla rebound? Options traders make big bets into earnings

Tesla finds itself starting 2022 in reverse, with its shares declining more than 9% to begin the year. Elon Musk's electric automaker is scheduled to report earnings after the bell ... Read more »

No cargo flights Lufthansa via Frankfurt by omikron

Photo: ANP Airline Lufthansa bans cargo transit through its hub in Frankfurt. Due to an increasing share of corona infections and the associated absenteeism, the company has too little manpower ... Read more »

Let Milieudefensie start a conversation, the companies say

Two weeks ago, Milieudefensie invited 29 large, polluting companies in a letter to explain their climate plans before 15 April. The companies react very differently to the letter, according to ... Read more »

CDC director says 'milder doesn't mean mild' as Covid hospitalizations reach record highs

Dr. Rochelle Walensky, director of Centers for Disease Control and Prevention attends a Senate Health, Education, Labor, and Pensions Committee hearing to examine the federal response to the coronavirus disease ... Read more »

German regulator not yet forecasting Nord Stream 2 certification restart — spokesperson

According to Fiete Wulff, the certification process will be suspended until completion of transfer of capital assets related to the German segment and human resources to the subsidiary and until the Federal Network Agency will be able to check documents of the subsidiary Read more »

Italian businessmen view Russia as reliable partner — Chamber of Commerce

There should be "an open discussion, free from political background, for mutually beneficial use of not yet steady economic growth," President of the Italian-Russian Chamber of Commerce Vincenzo Trani said Read more »

Buy a house? Then maybe better get out the lease car

Private car leasing is booming, but for aspiring home buyers it can be an obstacle on the way to their dream. Private lease takes a big bite out of the ... Read more »

Counter for wage support NOW opens 14 February

Photo: ANP Employees who are faced with a significant loss of turnover due to the corona measures in the first quarter of 2022 can again turn to the benefits organization ... Read more »

Officials: Boom aims to build supersonic jets in N. Carolina

The Associated PressFILE – This photo provided by Boom Supersonic shows an artist’s rendition of United Airlines Boom Supersonic Overture jet. A Colorado-based aviation company wants to build a plant ... Read more »

Nord Stream 2 establishes German subsidiary

Photo: ANP The operator of the Nord Stream 2 gas pipeline has set up a subsidiary to finalize the certification of the pipeline. Gas transport company Gas for Europe is ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic