Impossible Foods poaches Chobani exec to be new CEO, founder Pat Brown steps down
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Pat Brown, CEO of Impossible Foods in 2019,
Robyn Beck | AFP | Getty Images
Impossible Foods founder Pat Brown is stepping down as CEO, and Chobani’s departing operating chief, Peter McGuinness, will take the helm of the company.
This is the end of a turbulent two year for plant-based meat industries. Incredible and challenging Beyond MeatIn the initial days of the pandemic both companies saw their grocery sales soar as more people turned to them for their products. This helped to offset the slumping sales of restaurants.
However, sales of plant-based meat have been slowing in recent months. This has raised concerns over long-term prospects. Impossible however stated that its fourth quarter retail revenues soared by 85%.
Impossible was established by Brown 10 years ago to combat climate change and reduce meat consumption. The company has grown its reach to many thousands of distributors on three continents, as well global chain restaurants like Restaurants International. It now sells meat substitutes that taste and look just like the real deal. StarbucksBurger King.
In a letter published on the company’s websiteBrown explained that Impossible’s rapid growth meant that his ability to manage the company, lead strategic initiatives and promote the company’s mission, has been reduced.
Brown said that the “leadership requirements for the commercial industry will invariably continue growing” due to the business’s momentum and our expanding product line, continued international expansion, and our massive mission.
McGuinness is now passing the helm to a veteran of the food industry. McGuinness, who will report directly to the board as the CEO and director of the company, will take over the reins on April 4. Since 2008, McGuinness has worked with Chobani, the yogurt manufacturer, to help the company diversify into other types of coffee creamers and oatmilk.
Brown, who will remain at Impossible to continue his work as the chief visionary officer, will report directly to the board. Brown will lead research and innovation in technology, as well as strategic initiatives and public advocacy. He also has responsibility for the company’s mission. He will remain as a director of the company’s Board.
Brown’s letter stated that Peter and he would work together to guide Impossible as a long-term strategy. He emphasized his complementary strengths and experiences.
McGuinness quits Chobani to become a yogurt maker reportedly delayed its initial public offeringMarket conditions. Due to market conditions, the company initially filed to go publicNovember
Meanwhile, Reuters reportedImpossible considered going public almost a year ago through either a merger with an acquisition company for special purposes or an initial public offer. Beyond shares have fallen 63% in the time since Impossible’s initial report.
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