Sep 22, 2022
Beyond Meat stock continues to fall after COO’s arrest for biting man’s nose Transcript
Beyond Meat has a negative outlook as business partnerships begin to fall through, and after the company’s COO was arrested for biting a man’s nose at a college football game. Read the transcript there.
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The stock is down over 70% year to date trading below its IPO price of $25 a share. The company set has had a rough go this year, which was supposed to be a really big one for partnerships with QSRs, McDonald’s, and Yum Brands, the parent of KFC, Pizza Hut, and Taco Bell. Now, to be fair, it has had tests with KFC of its plant based nuggets and with McDonald’s of the McPlant burger, but those tests have ended as planned. Last week, McDonald’s CEO, Chris Kempinski seemed to imply that sales of the McPlant were soft. As analysts had projected while giving a talk in Chicago, he mentioned that items that don’t sell as well don’t stay on the menu broadly speaking, and ended with this. Take a listen.
Speaker 2: (00:39)
If you want McPlant, I would tell you buy McPlant.
Now last quarter, CEO Ethan Brown said progress for the company was taking longer than expected. They cut workforce with layoffs and also cut their guidance. Inflation has been weighing on it with customers going to private label plant-based meat or traditional meat due to prices even though the company is continuing to work toward price parity, Brian.
All right, Kate, while you are here, we want to get to the other Beyond Meat headline. And this is certainly not one every day. And I know people have been having fun with it, but the reality is the route is somebody got hurt, right? So you don’t want to make too light of it. The COO of Beyond Meat, 30 year Tyson food executive apparently got into an altercation driving home from a college football game. I guess there was not only punches thrown, but apparently he bit the guy’s nose?
That’s right, Brian. COO of Beyond Meat, Doug Ramsey was arrested over the weekend for allegedly biting a man’s nose after an altercation, following a college football game in Arkansas, he was charged with terroristic threatening and third degree battery. The Washington County Arkansas information page says that he was booked Saturday night and released on Sunday. Beyond Meat did not respond to multiple requests for comment from CBC’s Norris Ramsey. He did join the plant-based meat company in December, coming there, as you mentioned, from three decades at Tyson foods. He oversaw poultry and its McDonald’s businesses. Ethan Brown touted his experience with those brands as the company was set to lean further into chicken. And those partnerships I mentioned with Yum Brands and McDonald’s, as well as its planet partnership with Pepsi, the stock, as we said is down over 70% this year and about the same amount since Ramsey came on board in December. So quite a story there. And we’ll wait to hear any response from the company.
I know, and we’ve got to remember somebody got hurt. Somebody got bit and punched, apparently. Kate Rogers, thank you.
All right. Coming up more in the markets here. DOW is down 471. We’re back after this.