Resignation of Beyond Meat’s CFO
Beyond meat (NASDAQ: BYND) revealed in a regulatory filing Monday that his chief financial officer, Mark Nelson, had notified he would step down as of May 5. Beyond Meat added that he had entered into a two-year agreement with Nelson to provide him with post-departure counseling services; he did not specify how much he will be paid for this work.
The company said it would start a search for Nelson’s replacement, hiring a nationwide executive search company to help with the hunt. He stressed that Nelson’s decision was voluntary and did not result “from a disagreement with the company on a matter relating to the operations, policies or practices of the company”.
At an exhilarating moment, the outgoing CFO leaves for Beyond Meat. Last week he announced a pair of potentially very lucrative businesss with both Mcdonalds and Yum! Brands to provide its alternative meat products to the two fast food giants.
While Beyond Meat posted a larger-than-expected net loss in the fourth quarter on the same day the pair was announced, these deals position it well as a dominant supplier of plant-based food products to the fast food segments and relaxed.
The company is also very active in the retail industry and, like restaurant efforts, its presence on retail store shelves is increasing; in December, for example, his Beyond meatballs product was introduced in Wholesale Costco electrical outlets.
Beyond Meat’s breakup with its CFO seems amicable, which may be one of the reasons the title closed on Monday. It increased by 1.1%, although exceeded by the S&P 5002.4% increase.
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