Beyond Meat CEO arrested for allegedly biting a man’s nose

Beyond Meat has suspended its chief executive officer after he was arrested over the weekend on suspicion of biting a man’s nose during an altercation after a football game in Arkansas.

Police arrested vegan caterer CEO Doug Ramsey on charges of “terrorist threats” and third-degree batteries on Saturday night. According to court records, Ramsey was paid a sum of $11,000 the next day.

The company did not respond to a request for comment on the arrest. It later issued a brief statement announcing that Ramsey “has been suspended with immediate effect.”

Fayetteville, Arkansas, news station KNWA, citing a police report, said Beyond Meat’s Ramsey “punched through the rear windshield” of a Subaru into the tire of his Bronco. The incident took place in a parking garage near Razorback Stadium at the University of Arkansas.

The driver of the Subaru told police that Ramsey “pulled him close and started punching him.” The report said Ramsey also bit the driver, “ripping off the flesh at the tip of the nose”.

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

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

Shares are down more than 90% from their 2019 highs.

On Tuesday, shares traded at around $16, a record low since launch at $25 per share.

In its most recent earnings report, the company blamed inflation for disappointing sales and an upbeat outlook. Beyond Meat has long said it hopes to scale enough to bring the prices of plant-based products in line with those of animal-based products. But on an earnings call with analysts, CEO Ethan Brown said the company isn’t there yet. Beyond’s “beef” sells for $8.35 a pound, compared to USDA ground beef that sells for $4.90.

“That’s a very difficult proposition when consumers have very high inflation and their purchasing power for groceries is dwindling,” Brown said.

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