To have any hope of being truly sustainable, plant-based food companies will need to go on a financial diet.Oatly is lining up a successor to its Chief Executive Toni Petersson, the Wall Street Journal reported on May 24, citing people familiar with the matter.
The board of the oat-milk maker began talks in the summer of 2021 to find a CEO with more operational experience who would allow Petersson to focus on business development, the WSJ said. The search took on more urgency when the company’s stock price fell later in the year, the report said. There are also concerns about recent losses and that the company will need a fresh injection of cash, the WSJ said.
Beyond Meat on May 11 reported a gross margin of 0.17% for the first quarter ended April 2, a 30 percentage point slide from a year earlier. Cash used for operations surged to $165 million from about $31 million a year earlier. CEO Ethan Brown said the company was taking “several measures” to reduce expenses, Reuters reported
Sorry Charlie