Dive Brief:
- Impossible Foods CEO Peter McGuinness is leaving the plant-based meat maker after four years running the company.
- The business will now be run by Impossible's three-person executive leadership team, including Chief Legal Officer Jason Gao, Chief Demand Officer Meredith Madden and Chief Supply Officer Rober Hass.
- McGuinness, who came to Impossible after nine years at Chobani, will remain on the company's board. Impossible said McGuinness' efforts to market the brand to flexitarians helped the company outperform the broader plant-based category.
Dive Insight:
McGuinness oversaw Impossible's efforts to bring more meat eaters to the sluggish plant-based segment by reframing the narrative around alternative meat.
The outspoken McGuinness previously said the sector made a "mistake" in positioning plant-based products as a climate solution, adding the industry was "mismarketed and mislaunched."
At Impossible, he overhauled the company's brand identity to better showcase that plant-based meat can taste and offer the same nutritional value as the real thing. The company also recently entered into a partnership with food tech startup Equii to expand its innovation portfolio to include high-protein, grain-based products that complement Impossible's plant-based burgers and hot dogs.
“Impossible is primed to further strengthen its position in the marketplace as a respected food company built for long-term success,” Fedele Bauccio, a long-standing member of Impossible’s board of directors, said in a statement. “We’re grateful for Peter’s impactful leadership as CEO, which helped establish Impossible as the strongest player in the category."
U.S. retail sales of plant-based meat fell 7.5% in the year ending April 20, 2025, with volumes down 10%, according to SPINS data shared with AgFunderNews. Plant-based burgers saw the biggest decline at 26%.
Despite some promise for the plant-based sector, higher prices and consumer perception around processed ingredients have hurt demand and led retailers to limit their offerings. More consumers are also flocking back to meat amid dizzying demand for protein.
Plant-based brands are responding by playing up their capabilities as protein providers and entering adjacent categories. Beyond Meat, which has struggled to pay off debt, recently introduced a sparkling protein drink in an attempt to reach new consumers.
