Impossible Foods CEO Peter McGuiness is stepping down from the plant-based foods company after almost four years at the helm. AgFunderNews understands that he will be wrapping up day-to-day involvement over the next couple of weeks although he will continue to serve as a member of the San Francisco-based company’s board. His responsibilities will be shared by chief legal and operating officer Jason Gao, chief demand officer Meredith Madden, and chief supply officer Robert Haas. A spokesperson did not say if the firm plans to recruit a new CEO down the road. As a private company, Impossible Foods has not faced the same level of public scrutiny as beleaguered rival Beyond Meat. But given the jaw-dropping sums (almost $2 billion) pumped into the startup over the past 15 years, the pressure to deliver a return for investors is intense. ‘He has done a great job at trying to steer the ship in a very difficult market’ According to a press release, Impossible is “announcing the transition from a position of strength.” Under McGuinness’s leadership, it says, “the company outperformed the broader plant-based category through innovation, demand creation and critical distribution gains – besting the competition and commanding the #2 position in terms of US market share [behind Morningstar Farms].” A spokesperson shared that the company has continued to nurture strategic customer relationships across retail and foodservice and has long-standing partnerships with Burger King and Starbucks, but would not share any figures. Industry sources we spoke to on Friday said McGuinness had…
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