Impossible Foods CEO Pat Brown in 2019
Robert Beck | AFP | fake images
Impossible Foods founder Pat Brown will step down as CEO and Chobani’s outgoing chief operating officer, Peter McGuinness, will take over the company.
The transition comes after a two-year roller coaster ride for the plant-based meat industry. impossible and rival beyond the meat Both saw their grocery sales soar in the early days of the pandemic, as meat shortages drew more customers to their products. That helped offset falling restaurant sales.
But in recent months, the plant-based meat category has seen slow sales growth, raising concerns about long-term growth prospects, although Impossible said its fourth-quarter retail revenue was up 85%.
Brown founded Impossible a decade ago with the goal of combating climate change by reducing meat consumption. Since 2016, it has sold meat substitutes that taste and look just like the real thing and has expanded its distribution to tens of thousands of retailers on three continents and global restaurant chains such as starbucks and Burger King.
In a letter posted on the company’s website.Brown said Impossible’s growth has meant the demands of leading the business have invaded the time he has to lead strategic initiatives, share the company’s mission and guide research.
“Given the momentum of our business, our accelerating product portfolio, ongoing international expansion and the magnitude of our mission, the leadership demands of the commercial business will inevitably continue to grow,” Brown wrote.
So you’re handing over the reins to a food industry veteran. Effective April 4, McGuinness will be the company’s CEO and director, reporting to the board. For the past eight years, he has been with yogurt maker Chobani, helping the company expand into oat milk, coffee creamers and other categories.
Brown will continue to work on Impossible as visionary CEO and will report to the board. He will be tasked with leading technology research and innovation, strategic initiatives, public outreach and the company’s mission. He will also remain as a director on the company’s board.
“Peter and I will work together to lead Impossible and its long-term strategy, combining our complementary strengths and experience,” Brown wrote in his letter.
In the meantime, Reuters reported Almost a year ago Impossible was considering going public through a merger with a special purpose acquisition company or an initial public offering. In that time, Beyond’s shares have taken a beating, down 63% since the initial report.