Beyond Meat executive arrested for allegedly biting off a man’s nose

New York
CNN business

The CEO of vegan food supplier Beyond Meat was arrested over the weekend after biting a man’s nose after a football game in Arkansas.

Police arrested the company’s CEO, Doug Ramsey, on Saturday on charges of terroristic threats and third-degree assault. Ramsey was released the next day on $11,000 bond, according to court records.

The company did not immediately respond to requests for comment.

Fayetteville, Arkansas, news station KNWA, citing a police report, said Beyond Meat’s Ramsey “punched the back windshield” of a Subaru that hit the Bronco’s tires. The incident took place in a parking lot near the University of Arkansas Razorback Stadium.

The driver of the Subaru told police that Ramsey “pulled up close and started punching the body.” Ramsey also bit the driver, “tearing the flesh on the tip of his nose,” the news release said.

Ramsey joined Beyond Meat last December after a three-decade career at Tyson Foods.

Beyond Meat was the market leader in the plant-based meat space, along with rival Impossible Foods. It was a Wall Street juggernaut after its IPO in 2019, but since then it has struggled to meet sales targets.

Shares are down more than 90% from 2019 levels.

On Tuesday, the stock was trading around $16, a record since it debuted at $25 a share.

In its latest earnings report, the company blamed disappointing sales and a poor outlook on inflation. Beyond Meat has long said it hopes to increase the price of its plant-based offerings to match its animal-based offerings. But on an earnings call with analysts, CEO Ethan Brown said the company wasn’t there yet. Beyond’s “beef” retails for $8.35 per pound, compared to USDA ground beef, which retails for $4.90.

“It’s a very difficult proposition when consumers have very high levels of inflation and the purchasing power of food is going down,” Brown said.