Peter McGuinness has departed from Impossible Foods after a four-year tenure. He has accepted a position as CEO of Bel North America, the U.S. subsidiary of the Bel Group of France a major manufacturer of dairy and vegetable-based snacks and RTE foods. McGuinness will be replaced by a troika comprising Jason Gao, Chief Legal and Operating Officer, Meredith Madden, Chief Demand Officer and Robert Haas, Chief Supply Officer.
Impossible Foods is a private company and does not publish financial data. Given the declining sales and growing losses posted by competitor, Beyond Meat (BYND), it is presumed that Impossible Foods is experiencing similar headwinds including shrinking demand and slim margins. Despite eight infusions of venture capital, Impossible Foods Tape D® price declined from approximately $15 in January 2024 to approximately $2 at the beginning of January 2026.
Ten financing rounds from September 6, 2011, to November 23rd, 2021, raised close to $1.7 billion. Investors include Horizons, Khosla, UVS, Temasek, Viking Global and XN Capital, among others. These companies now have little opportunity to recoup their investments given the limited prospects for the company to launch a successful initial public offering.
Both Impossible Foods and Beyond Meat have experienced declining sales both among retail stores and institutions. Tapering demand is due to noncompetitive cost, inferior organoleptic qualities compared to real meat and poultry, the realization that plant-protein products are ultra- processed. These factors are in addition to reduced concern over livestock welfare, sustainability and the environment and an indifference to industry generated hype.