10,000 Locations by Year-End: Meati Appoints New CEO, Lays Off 13% Staff in Bid for Profitability

Meati, a US mycelium meat maker, has appointed a new CEO and laid off 13% of its staff in a bid to reach profitability. The company has undergone multiple rounds of job cuts over the past year in an effort to streamline operations and align resources with profitability goals. Despite the layoffs, Meati continues to grow, targeting 10,000 retail locations by the end of the year.

The new CEO, Phil Graves, takes over from co-founder Tyler Huggins, who will now serve as chief innovation officer. The company has added new products and expanded production capacity for its mycelium-based chicken and beef alternatives. Despite challenges in the plant-based meat industry, Meati remains optimistic about its future growth and market potential.