Beyond Meat announced it is cutting its annual revenue forecast and will cut 200 jobs due to lower product demand.
The company also announced its finance chief, Phil Hardin, is leaving the job after being in the position for over a year.
According to Reuters, the layoffs are expected to save the company $39 million over the next 12 months. Beyond Meat forecasts revenue will be about $400-425 million, compared with previous expectations of $470-520 million.
Separately, Beyond Meat announced that Doug Ramsey, former chief operating officer, is no longer with the company. Ramsey was suspended after a physical altercation resulted in Ramsey allegedly biting a man’s nose at an Arkansas Razorbacks football game.
