According to a report by Bloomberg, Impossible Foods is laying off 20% of its staff, which could affect over 100 employees out of its current 700 workers. The company made a similar cut in its workforce last October. Impossible Foods did not respond to a request for comment on the layoffs.
Despite the layoffs, Impossible Foods was previously doing well in terms of its financial performance. The company reported a year of record sales with over 50% dollar sales growth in 2022 and its Impossible Beef product was noted as the best-selling plant-based meat brand in the US. In addition, CEO Peter McGuinness stated in an interview that the company had a strong balance sheet, good cash flow, and growth of between 65% and 70%.
Recently, Impossible Foods announced the hiring of its first chief demand officer, Sherene Jagla, previously senior vice president and general manager at Newell Brands. Jagla's role is to bring together sales, marketing, insights, and product development teams to prepare the company for its next phase of growth.
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