Not possible Meals founder Pat Brown is stepping down as CEO, and Chobani’s departing working chief, Peter McGuinness, will take the helm of the corporate.
The transition comes after a curler coaster two years for the plant-based meat trade. Not possible and rival Past Meat each noticed their grocery gross sales skyrocket within the early days of the pandemic as meat shortages boosted gross sales and helped to offset slumping restaurant enterprise.
However in current months, gross sales within the plant-based meat class have slowed, prompting considerations about long-term development prospects. Nonetheless, Not possible did report that its fourth-quarter retail income soared 85%.
Brown based Not possible a decade in the past with the purpose of combatting local weather change by decreasing meat consumption. Since 2016, it has offered meat substitutes and has expanded its distribution to tens of hundreds of outlets throughout three continents, whereas introducing meals gadgets at international restaurant chains like Starbucks and Burger King.
In a letter revealed on the corporate’s web site, Brown stated Not possible’s development has meant that the calls for of helming the enterprise have encroached on different duties, akin to main strategic initiatives, sharing the corporate’s mission and guiding analysis.
“Given the momentum of our enterprise, our accelerating product pipeline, ongoing worldwide growth and the magnitude of our mission, the management calls for of the business enterprise will inevitably proceed to develop,” Brown wrote.
Beginning April 4, McGuinness, a meals trade veteran, will be a part of the corporate as CEO and a director. For the previous eight years, he’s been with yogurt maker Chobani, serving to the corporate develop into oat milk, espresso creamers and different classes.
“The important thing with Not possible, with all of its nice innovation, is to make [its products] extra out there and extra accessible to extra individuals,” McGuinness stated in an interview.
“The corporate is in a fantastic spot, by the way in which — I’m not coming in to repair something, I’m coming in to attempt to assist the corporate develop greater than it’s already grown,” he added.
Brown will proceed working at Not possible as chief visionary officer and can report back to the board. His roles will embody main in such areas as analysis and expertise innovation, strategic initiatives, public advocacy and the corporate mission. He may even stay a director on the corporate’s board.
“Peter and I’ll work collectively to steer Not possible and its long-term technique, combining our complimentary strengths and expertise,” Brown wrote in his letter.
McGuinness’s departure from Chobani comes because the yogurt maker reportedly delayed its preliminary public providing as a consequence of market situations. Chobani initially filed to go public in November.
In the meantime, Reuters reported practically a yr in the past that Not possible was weighing going public by way of a merger with a particular function acquisition firm or an preliminary public providing. In that point, Past’s inventory has taken a beating, with shares falling 63% for the reason that preliminary report.
McGuinness stated Not possible has “a really robust money place.” It final raised $500 million at a valuation of $9.5 billion in November, based on Pitchbook.
“There’s no rush or urgency to go public, to not say that we wouldn’t resolve to do this down the street,” he stated.