Not possible Meals poaches Chobani exec to be new CEO, founder Pat Brown steps down

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 rollercoaster two years for the plant-based meat business. Not possible and rival Beyond Meat each noticed their grocery gross sales skyrocket within the early days of the pandemic as meat shortages directed extra prospects to their merchandise. That helped offset slumping restaurant gross sales.

However in latest months, the plant-based meat class has seen gross sales progress sluggish, prompting considerations about long-term progress prospects, though Not possible mentioned its fourth-quarter retail income soared 85%.

Brown based Not possible a decade in the past with the objective of combatting local weather change by decreasing meat consumption. Since 2016, it has offered meat substitutes that style and appear like the true factor and has expanded its distribution to tens of 1000’s of outlets throughout three continents and international restaurant chains like Starbucks and Burger King.

In a letter published on the company’s website, Brown mentioned that Not possible’s progress has meant that the calls for of main the enterprise have encroached on the time he has to steer strategic initiatives, share the corporate’s mission and information analysis.

“Given the momentum of our enterprise, our accelerating product pipeline, ongoing worldwide enlargement and the magnitude of our mission, the management calls for of the industrial enterprise will inevitably proceed to develop,” Brown wrote.

So he is handing over the reins to a meals business veteran. Beginning April 4, McGuinness would be the firm’s CEO and a director, and can report back to the board. For the final eight years, he is been with yogurt maker Chobani, serving to the corporate develop into oat milk, espresso creamers and different classes.

Brown will proceed working at Not possible as chief visionary officer and can report back to the board. He will probably be tasked with main 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 initial public offering attributable to market circumstances. The corporate initially filed to go public in November.

In the meantime, Reuters reported almost a yr in the past that Not possible was weighing going public by way of a merger with a particular goal 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.