Layoffs at Impossible Foods as new CEO restructures to ‘grow and evolve’

In an email to staff seen by FoodNavigator-USA Thursday evening, CEO Peter McGuinness – who took the helm at the plant-based meat co in April – said the “well-capitalized” ​firm had “a strong balance sheet” ​and is “now the fastest growing plant-based company in both sales and share in the US, with 60% retail sales growth year over year.”

However, he added: “We still need to prioritize the projects and initiatives that will best fuel our business and mission as we prepare for our next phase of growth.”

Acknowledging that it had been “an emotional, tough day” ​for team members impacted by the restructure, McGuinness stressed that the layoffs were not performance-related, but that some roles had become ‘redundant’ as the company continued to reorganize to break down internal silos and become more responsive to customers and consumers.

Strategic hires

Noting that Impossible Foods plans to build out the sales team as it grows distribution and will “hire strategically to build new muscles and capabilities,” ​McGuinness added: “We’ve created clear supply and demand functions and focused our R&D and innovation pipeline, all of which will help us operate better and faster, with more agility.

“And we’ve made the very difficult decision to eliminate certain roles that have become redundant to others in the organization or that are no longer aligned with our core business priorities.

“In total, about 6% of our workforce will be impacted, with employees ​[which FoodNavigator-USA understands to span multiple departments] being notified by their managers today.”

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