Beyond Meat has poached two meat industry veterans from Tyson Foods for executive positions as it prepares for high-profile launches next year.
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.
Tyson and Beyond have a history. Before Beyond's initial public offering, Tyson was an investor in the company butShares 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. 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.
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.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.
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