News

#Impossible Foods taps former Chobani exec as its new CEO

“Impossible Foods taps former Chobani exec as its new CEO”

Impossible Foods founder Pat Brown will step down as chief executive and hand over the role to Peter McGuinness, the former chief operating officer of Greek-yogurt maker Chobani, as the alternative meat producer expands rapidly and launches new products.

Brown, who founded the plant-based burger maker in 2011, will remain a director and take on the title “Chief Visionary Officer” to focus on research and technology and new initiatives, the company told Reuters.

McGuinness will be tasked with steering the company at a time when the plant-meat sector faces cooling demand after an investment frenzy in the past few years and launches by major fast food chains Burger King and McDonald’s.

McGuinness, who takes over on April 4, plans to announce new launches and make the company’s products available at more retail stores.

Peter McGuinness
Peter McGuinness takes over on April 4.
Getty Images

“We just need more people to try it,” McGuinness said in an interview, adding that he is “very bullish” about the plant-meat sector.

“We have more work to do on the distribution side … We could easily triple, if not, quadruple the distribution points (in the United States) at retail.”

Impossible’s plans to launch new products and expand globally as well as the momentum in the brand mean “the leadership demands of the commercial business will inevitably continue to grow,” Brown wrote in a blog post on Thursday that confirmed the change in leadership.

Impossible Foods CEO Pat Brown holds up an Impossible Burger 2.0.
Impossible Foods CEO Pat Brown holds up an Impossible Burger 2.0.
AFP via Getty Images
Impossible Foods CEO Pat Brown
Brown, who founded the plant-based burger maker in 2011, will remain a director and take on the title “Chief Visionary Officer.”
AP

Impossible launched a spate of products, including imitations of chicken nuggets,  sausages and  meatballs, last year as it looks to create more demand for its products. The company said its quarterly retail revenue at the close of 2021 jumped 85% year-over-year. Rivals Maple Leaf Foods and Beyond Meat, however, flagged demand concerns in their latest quarterly results.

Reuters reported last year that Redwood City, California-based Impossible was exploring options for going public at a valuation of $10 billion or more.

McGuinness said there was no urgency as the company has enough capital to fuel its growth.

At Chobani, McGuinness was in charge of research and development and the company’s expansion into new categories such as plant-based probiotic drinks, oat milks and coffees.

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.

For forums sites go to Forum.BuradaBiliyorum.Com

If you want to read more News articles, you can visit our News category.

Source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close

Please allow ads on our site

Please consider supporting us by disabling your ad blocker!