Beyond Meat let go Chief Operating Officer Doug Ramsey, who had been suspended since last month following his arrest on charges related to what police say was a road rage-inspired physical altercation after a University of Arkansas football game.
His last day was Thursday, according to a filing with the Securities and Exchange Commission.
Ramsey is one of three executives who is leaving Beyond Meat this week. The company revealed all of the executive changes, plus information on a 19% reduction in the company’s total workforce, in a filing Friday morning.
Also leaving the company is Chief Financial Officer and Treasurer Phil Hardin. According to the filing, Hardin informed Beyond Meat of his departure on Oct. 10, and he is stepping down to pursue another opportunity. Hardin officially departed his position on Oct. 12, but he will stay at the company through Oct. 28 to transition the role. His departure was not over any disagreement or matter related to company practices or expenses, the filing states.
As part of Beyond Meat’s larger layoffs this week, Global Chief Growth Officer and President of North America Deanna Jurgens was also laid off and her role was eliminated, according to the SEC filing. Her last day was Oct. 12, but she remains an employee through Oct. 17.
The departure of these three executives — plus Chief Supply Chain Officer Bernie Adcock, who left Beyond Meat at the end of September to become the head of retail and QSR for Pilgrim’s Pride — forces the company into reshuffling some of its functions.
According to the filing, Beyond Meat is not adding another chief operating officer at this time. Ramsey’s operations and supply chain responsibilities will permanently be handled by Jonathan Nelson, the company’s senior vice president of operations. Nelson was given oversight of these roles when Ramsey was first suspended. He also took on the chief supply chain officer’s responsibilities when Adcock left the company.
According to Friday’s SEC filing, Nelson is receiving a boost in his base salary to $355,000 to compensate for his new responsibilities. He will also be eligible for a bonus of up to 40% of his base salary, and will receive company stock as part of his continued employment.
Lubi Kutua, Beyond Meat’s vice president for financial planning and analysis and investor relations, is being promoted to CFO and treasurer. Kutua has been with Beyond Meat in the vice president’s role since 2019, and had previously served as a research analyst at Jefferies LLC, KeyBanc Capital Markets and Goldman Sachs. His base salary increases to $375,000, and he can receive a 50% bonus of his base salary. He will also be granted stock options.
With the elimination of Jurgens’ position, sales staff that reported to her will now report to the company’s new senior vice president of global sales, Mike Sharman. He previously held similar roles at NutraDried Food Company LLC, Hippeas, Recess and Essentia Water. Sharman officially begins his job with Beyond Meat on Monday.
Beyond Meat’s board has also promoted Vice President, Corporate Controller Henry Dieu to principal accounting officer. Dieu joined Beyond Meat in April, and previously served in similar roles at Tutor Perini Corporation and Hulu. Dieu’s base salary increases to $350,000, and he can earn 35% bonuses. He will also be granted stock based on continued service with the company.
