Beyond Meat is looking to expand its presence in the fast-food sector in the coming months and has started the personnel to help it achieve the goal.
Beyond Meat Hires Tyson Foods Execs
Beyond Meat has announced that it has hired two veteran executives from Tyson Foods as it looks to expand its fast-food business in 2022. The company said it is working on some high-profile launches in the coming months.
The company has hired Doug Ramsey to serve as the chief operating officer. Ramsey is a veteran in the industry after working for three decades at Tyson, in charge of its poultry and McDonald’s businesses. The former Tyson executive is expected to be an asset for Beyond. Beyond recently signed a three-year deal with McDonald’s and Ramsey will be set to play a crucial role in how the business will be conducted.
Beyond also announced partnerships with Taco Bell owner Yum Brands and PepsiCo. The company has also hired Bernie Adcock to serve as the chief supply chain officer. Adcock is vastly experienced in the sector, having worked more than 30 years at Tyson Foods.
Beyond Meat CEO Ethan Brown stated that “Everything we have going, whether it’s the partnership with McDonald’s, with Yum, with PepsiCo, there’s an enormous amount of growth on the table, and we need to make sure we have the very best in operational and supply chain capabilities available to us and our customers.”
BYND Rallies by More Than 5%
The shares of Beyond Meat is up by more than 5% since the US market opened a few hours ago. At press time, BYND is trading at $75.10 per share, up by 5.7% over the past few hours. The stock has underperformed since the start of the year.
Year-to-date, BYND is down by more than 40%, with the lockdown affecting its performance in recent months. The MACD line is still below the neutral zone, while the RSI of 37 shows that BYND remains oversold.