Beyond Meat Hires Marketing Executive, Revamps Retail Strategy

Beyond said Thursday that it is hiring Akerho “AK” Oghoghomeh to lead the company’s global marketing efforts. Mr. Oghoghomeh is joining Beyond from energy-drink maker Red Bull North America, where he oversaw advertising and other initiatives for Red Bull’s U.S. business, according to a Beyond spokeswoman.

It is a difficult period for Beyond, the pioneer of plant-based burgers, which aim to closely mimic the taste and texture of beef. Sales of the company’s imitation-meat products have fallen while its losses have grown. The company lost multiple top executives and hundreds of employees through layoffs last year, and its chief brand officer departed in January. Beyond’s stock is down 68% in the last year, though it has risen 37% over the past three months.

Across U.S. grocery stores, sales of meat substitutes have fallen. In the 52 weeks ended Jan. 1, sales of fresh-meat alternatives dropped 15% by volume while sales of frozen versions fell 3%, according to market-research firm IRI.

A Beyond spokeswoman declined to elaborate on the company’s new retail strategy. Kroger and Costco declined to comment. Walmart declined to comment, citing a quiet period prior to the company’s quarterly earnings report. Publix and Whole Foods didn’t respond to requests for comment.

Beyond Chief Executive

Ethan Brown

last fall outlined a plan to stabilize the company’s business, including narrowing its focus and emphasizing messages around taste, health and the planet. Beyond has said it is working to reduce expenses and aims for “cash-flow positive operations” in the second half of 2023. 

Mr. Brown told employees in a recent internal presentation that with a smaller team, the company would focus on a narrower set of projects, or “near-end wins,” meaning products it can get to market in 2023 that will drive growth.

He said Beyond has several ways to try to achieve its new financial goal, including those tied to inventory, cost of goods and capital expenditures. 

Beyond’s priorities for 2023 include delivering its top projects, such as updated versions of the company’s plant-based burger and dinner sausage, on time and within cost, according to internal company documents. The company seeks to cut costs or improve profit margins on its jerky product and on a new chicken nugget developed for

McDonald’s.

Beyond is also working to ramp up competition with rival plant-based food companies, with a focus on converting to Beyond restaurant chains and university campuses that now use products made by others, according to an internal presentation.

To shore up its balance sheet, Beyond has worked to liquidate excess food-processing and laboratory equipment, according to current and former employees. Beyond has looked to sell equipment directly to other companies, including third-party manufacturers Beyond had used to help make its products, former employees said, or via a separate firm that auctions industrial machinery.

Company executives have been encouraging employees to use up millions of dollars’ worth of pea protein and other ingredients that Beyond already has on hand, according to current and former employees. In addition, Beyond has cut its inventory by more than $50 million since last spring, according to an internal presentation.

Beyond has meanwhile ratcheted back plans for its new Los Angeles-area headquarters, current and former employees said. The price tag for developing the site, which Beyond began moving into last year, had swelled, including as expenses tied to research labs grew, former employees said. Plans for a fitness center, upgraded food court and high-end versions of items such as office furniture have been reconsidered or scratched, employees said. 

Some premium features have already been added, current and former employees said, such as a personal bathroom in the office of

Dariush Ajami,

Beyond’s chief innovation officer, and yellow wall tiling in a kitchen dedicated to developing products for McDonald’s Corp.—or “Dune,” in Beyond’s internal nomenclature. 

McDonald’s didn’t respond to a request for comment.

Write to Jesse Newman at jesse.newman@wsj.com

Corrections & Amplifications
Akerho Oghoghomeh was senior vice president of marketing for Red Bull. An earlier version of this article incorrectly described him as vice president of marketing. (Corrected on Feb. 2)

Beyond said Thursday that it is hiring Akerho “AK” Oghoghomeh to lead the company’s global marketing efforts. Mr. Oghoghomeh is joining Beyond from energy-drink maker Red Bull North America, where he oversaw advertising and other initiatives for Red Bull’s U.S. business, according to a Beyond spokeswoman.

It is a difficult period for Beyond, the pioneer of plant-based burgers, which aim to closely mimic the taste and texture of beef. Sales of the company’s imitation-meat products have fallen while its losses have grown. The company lost multiple top executives and hundreds of employees through layoffs last year, and its chief brand officer departed in January. Beyond’s stock is down 68% in the last year, though it has risen 37% over the past three months.

Across U.S. grocery stores, sales of meat substitutes have fallen. In the 52 weeks ended Jan. 1, sales of fresh-meat alternatives dropped 15% by volume while sales of frozen versions fell 3%, according to market-research firm IRI.

A Beyond spokeswoman declined to elaborate on the company’s new retail strategy. Kroger and Costco declined to comment. Walmart declined to comment, citing a quiet period prior to the company’s quarterly earnings report. Publix and Whole Foods didn’t respond to requests for comment.

Beyond Chief Executive

Ethan Brown

last fall outlined a plan to stabilize the company’s business, including narrowing its focus and emphasizing messages around taste, health and the planet. Beyond has said it is working to reduce expenses and aims for “cash-flow positive operations” in the second half of 2023. 

Mr. Brown told employees in a recent internal presentation that with a smaller team, the company would focus on a narrower set of projects, or “near-end wins,” meaning products it can get to market in 2023 that will drive growth.

He said Beyond has several ways to try to achieve its new financial goal, including those tied to inventory, cost of goods and capital expenditures. 

Beyond’s priorities for 2023 include delivering its top projects, such as updated versions of the company’s plant-based burger and dinner sausage, on time and within cost, according to internal company documents. The company seeks to cut costs or improve profit margins on its jerky product and on a new chicken nugget developed for

McDonald’s.

Beyond is also working to ramp up competition with rival plant-based food companies, with a focus on converting to Beyond restaurant chains and university campuses that now use products made by others, according to an internal presentation.

To shore up its balance sheet, Beyond has worked to liquidate excess food-processing and laboratory equipment, according to current and former employees. Beyond has looked to sell equipment directly to other companies, including third-party manufacturers Beyond had used to help make its products, former employees said, or via a separate firm that auctions industrial machinery.

Company executives have been encouraging employees to use up millions of dollars’ worth of pea protein and other ingredients that Beyond already has on hand, according to current and former employees. In addition, Beyond has cut its inventory by more than $50 million since last spring, according to an internal presentation.

Beyond has meanwhile ratcheted back plans for its new Los Angeles-area headquarters, current and former employees said. The price tag for developing the site, which Beyond began moving into last year, had swelled, including as expenses tied to research labs grew, former employees said. Plans for a fitness center, upgraded food court and high-end versions of items such as office furniture have been reconsidered or scratched, employees said. 

Some premium features have already been added, current and former employees said, such as a personal bathroom in the office of

Dariush Ajami,

Beyond’s chief innovation officer, and yellow wall tiling in a kitchen dedicated to developing products for McDonald’s Corp.—or “Dune,” in Beyond’s internal nomenclature. 

McDonald’s didn’t respond to a request for comment.

Write to Jesse Newman at jesse.newman@wsj.com

Corrections & Amplifications
Akerho Oghoghomeh was senior vice president of marketing for Red Bull. An earlier version of this article incorrectly described him as vice president of marketing. (Corrected on Feb. 2)