Plant-based protein giant Impossible Foods will cut 132 jobs in California, impacting 20% of the company’s overall workforce. The layoffs are expected to take place April 11.
The workforce reductions will cover a range of positions at the company, including scientists, engineers and researchers. Impossible Foods employed 700 workers prior to the cuts.
This is the second round of layoffs for the company in the last six months. In October 2022, Impossible Foods cut 6% of employees as part of a company reorganization focused on future growth. In addition, several employees were offered voluntary separation payments and benefits at the end of 2022, according to Bloomberg.
Impossible Foods did not respond to a WATTPoultry.com request for comment.
Leadership changes
Impossible Foods also recent conducted significant changes in its leadership. Former Chobani president, Peter McGuinness, stepped into the role of chief executive officer beginning April 4, 2022. The role was previously held by Pat Brown, the plant-based manufacturer’s founder.
“Peter and I will work together to lead Impossible and its long-term strategy, combining our complementary strengths and experience,” Brown wrote of the leadership change in a letter published on the company’s website
“Given the momentum of our business, our accelerating product pipeline, ongoing international expansion and the magnitude of our mission, the leadership demands of the commercial business will inevitably continue to grow.”
Is interest in plant-based proteins slowing?
Despite this, analysts have reported a slowdown in plant-based meat sales, attributed to the significant increase of players in the market and high prices of meat alternatives.
Rival plant-based protein manufacturer, Beyond Meat, saw stock prices decrease in 2022 following a year of layoffs, sales growth failing to meet projections and executive departures.
There was also bad news for Planterra, the U.S. plant-based protein subsidiary of meat processer JBS, which shuttered operations in 2022.
