A disaster
First, it was Bloomberg exposing the incompetence of management, and now the WSJ takes that subject head-on. The CEO has never been honest with investors since day 1.
According to documents seen by Bloomberg, a plant in Pennsylvania was wracked with “apparent mold, Listeria, and other food-safety issues” during the first half of 2022. The report indicated that alternative meat produced at the plant tested positive for Listeria “on at least 11 occasions” in the year's first six months. Employees also confirmed the presence of bacteria and unsafe equipment use at company facilities. To date, the company has not been sanctioned by food safety regulators, nor has it been found to foster unsafe working conditions in third-party audits. The Pennsylvania Department of Agriculture last visited the facility in late September, but Bloomberg reported that this was not a safety inspection. Instead, the state agency inquired about the plant’s unpaid registration. The FDA has yet to inspect this specific plant. Now the WSJ has a critical article. BYND said Monday it remains confident in its ability to deliver on long-term growth despite the current headwinds facing it's business and category. "We remain confident in our ability to deliver on the long-term growth and impact expected from our global brand, and have set a target to achieve cash flow positive operations within the second half of 2023," said a spokesperson. He was responding to an emailed question after the Wall Street Journal reported that CEO and founder Ethan Brown has struggled to manage growth or stick to priorities, leaving teams confused and frustrated, citing former and current employees. "The pace and intensity of our innovation are not for everyone, is not typical for food companies, and includes an iterative process of trial and error," the spokesperson said. "It does, however, produce extraordinary results."
Extraordinary results, when?
