Beyond Meat, which made its stock market bow last summer, announced its executive chairman Seth Goldman is to step down from the role at the US plant-based business with immediate effect.
Goldman’s departure from the California-based owner of the Beyond Burger and Beyond Sausage was revealed during an earnings call with analysts yesterday (27 February) following the release of its first results as a public-listed company.
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“I intend to continue to support the growth of Beyond Meat as non-executive chair and look forward to working with our board of directors and leadership team in pursuit of Beyond Meat’s mission of building great tasting meat from plants,” Goldman told the analysts.
Beyond Meat was perhaps one of the pioneers in the US meat-alternative space, founded in 2009 by president and chief executive Ethan Brown. The plant-based category has since seen a surge in new entrants, both from existing global packaged food companies and start-ups seeking to grab a slice of the fast-moving trend toward cutting out or reducing meat consumption.
The company made its debut on the Nasdaq exchange last May on the heels of one of the most eagerly anticipated initial public share offerings, which saw the stock surge on the first day of trading. Beyond Meats’ shares closed at US$106.14 yesterday, compared to the IPO price of $25 a share.
Reporting its results for the year to 31 December yesterday, Beyond Meat said revenues climbed more than 200% to $297.9m versus $87.9m a year earlier. Adjusted EBITDA turned positive at $25.3m, compared to a corresponding $19.3m loss.
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By GlobalDataBut the company still delivered a loss on the bottom line of $12.4m, albeit narrower than the $29.9m loss a year earlier.
