Company News

Meati Foods Appoints Phil Graves CEO Amidst Company Restructuring

Meati Foods, an alternative meat company known for its MushroomRoot protein, announced the appointment of Phil Graves as its new Chief Executive Officer (CEO) and member of the Board. Graves was recently welcomed to the team as the company’s Chief Financial Officer (CFO), but has been quickly transitioned into the CEO position, with co-founder and CEO Tyler Huggins stepping into the role of Chief Innovation Officer.

“We created a category by disrupting disruption”

Amidst challenges in the plant-based market, Graves’s experience in financial management, strategic planning, and operational optimization aims to help Meati enhance profitability and streamline its operations. As part of this strategic direction, the company is set to reduce its workforce by 13%, a decision aimed at accelerating its path to profitability without impacting its supply chain.

“These changes allow us to better serve our customers and pave the way for long-term, sustainable growth. Our future is bright. This category-defining product is already in 3,600 stores nationwide after just one year of production, showcasing its boundless potential,” Graves stated.

Meati Foods product lineup
© Meati Foods

This restructuring follows the opening of Meati’s Mega Ranch production facility last year, followed by a series of operational adjustments, including two rounds of layoffs that constituted a 10% reduction in workforce and the shuttering of a pilot facility. This pattern of restructuring is not unique to Meati Foods, with other key players in the plant-based industry, such as Impossible Foods, Beyond Meat, and Eat Just, also undertaking significant workforce reductions in the past year.

Next chapter for Meati

Huggins expressed his pride in the company’s accomplishments and his confidence in Graves’s leadership to steer Meati towards its next phase of growth. “We founded Meati based on a shared passion to build a sustainable food system, unlocked by nature, that could deliver nutritious, high-quality, and delicious products to consumers around the world. I am incredibly proud of what we have achieved to date, and I am confident that in Phil, we have found the right individual to lead the company to our next exciting chapter,” he stated.

He also revealed plans to expand Meati’s retail presence to 10,000 stores across the United States, building on its current availability in major retailers like Whole Foods Market, Sprouts Farmers Market, Super Target, and Meijer.

Christina Ra, VP of Marketing and Communications at Meati, reflected on the company’s achievements over the past two years on social media, noting, “I could not be more proud of what we accomplished over the last 2 years, summed up by 20%+ awareness among GenPop with 90% purchase intent and 90% advocacy, dwarfing other brands in the animal-free protein set. We created a category by disrupting disruption.”

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