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Beyond Meat (NASDAQ:BYND) disclosed late Friday that the plant-based meat company's chief supply officer is leaving to pursue another opportunity after less than a year on the job. Beyond Meat fell 1% in after hours trading.
On Tuesday Bernie Adcock notified Beyond Meat that he planned to step down as the company’s chief supply chain officer effective Sept. 30 to pursue another opportunity, according to an 8-K filing on Friday. The role of chief supply chain Officer has been eliminated. Adcock’s responsibilities will be performed by Jonathan Nelson, the company’s current senior vice president, manufacturing operations.
Adcock's departure comes after Beyond Meat (BYND) announced on Tuesday that Chief Operating Officer Doug Ramsey had been suspended effective immediately. Ramsey was arrested after he allegedly bit a man last Saturday in Arkansas following an altercation at a football game.
Ramsey was hired in December after three decades at Tyson Foods overseeing the company’s poultry and McDonald’s businesses. Adcock was also hired at the same time as the company's newly created role of chief supply chain officer. Adcock had also spent three decades at Tyson, most recently as chief supply officer.
Canaccord analyst Robert Burleson was cautious in a note on Wednesday in wake of the Ramsey news about added concern on the ability of the company to navigate current market headwinds. While reiterating a “hold” rating on the stock, he lowered estimates for the company amid “elevated competition” and slowing overall demand for plant-based meat products.
Beyond Meat (BYND) short interest is 34%.
Beyond Meat (BYND) shares have plunged 75% this year. Early last month the alternative meat producer cut its sales guidance and announced it was cutting 4% of its workforce.