Impossible Foods CEO Peter McGuinness has stepped down after leading the S plant-based meat company for nearly four years.

In a statement, the company said McGuinness’s responsibilities will be assumed by an executive leadership team rather than a single CEO. The group comprises Jason Gao, Impossible Foods' chief legal and operating officer; Meredith Madden, the company's chief demand officer; and Robert Haas, chief supply officer.

Impossible Foods board member Fedele Bauccio said: “We’re grateful for Peter’s impactful leadership as CEO, which helped establish Impossible as the strongest player in the category, and we’re happy he will remain on the Board.

“We have the utmost confidence in Jason, Meredith and Rob to lead the company into its next chapter of growth.”

Impossible Foods said the transition is happening “from a position of strength”. Without providing data, the company said under McGuinness’s leadership the company outperformed the broader plant-based category through “innovation, demand creation and critical distribution gains”.

Retail sales in the overall US plant-based meat market have come under pressure in recent quarters, with category sales in decline.

McGuinness’s tenure included efforts to reposition the Impossible brand. The firm redesigned its brand identity to highlight that plant-based meat can be “more food- and taste-forward”.

Founded in 2011, Impossible Foods produces plant-based chicken, beef and pork alternatives.

Last month, the business partnered with food-tech start-up Equii to expand its product pipeline with selected grain-based products.

McGuinness said: “Over the last four years we’ve expanded, evolved and invested in both the company and the brand. We constructed a sustainable business that could support our sustainable mission.”