Corporate Profiles - 2021 - 84

COMPANY OVERVIEW
Impossible Foods
I
mpossible Foods, Inc. has expanded its leadership
team over the past year and is expected
to move forward with plans to go public.
The Redwood City,
Calif.-based maker of
plant-based meat alternatives in August named
David Borecky as chief financial officer, a role
he had held on an interim basis since January.
Previously Mr. Borecky was chief accounting officer
for two years, during which time the company
secured a total of $700 million in new
funding.
Impossible Foods has raised approximately
$1.5 billion since its founding a decade ago
and was reportedly preparing for a public listing
that would value the company at about
$10 billion or more. According to a Reuters
report in April, Impossible Foods was exploring
an initial public offering or a merger with
a special purpose acquisition company sometime
in 2022.
In addition to Mr.
Borecky's promotion,
Leilani Gayles was named chief people officer.
Earlier in the year, former Apple executive
Steve Turner joined Impossible Foods in
the newly created role of chief experience officer,
and Vanderbilt University professor John
D. York, PhD, was named chief science officer,
Plant-based meat maker beefs up team ahead of public listing
with responsibility for overseeing research and
development and product innovation.
Meanwhile, Impossible Foods was gearing up
for a period of category expansion. The company
announced plans to launch its first plantbased
chicken product, made from sunflower
oil and texturized soy, in foodservice locations
in the fall, along with other new items in both
restaurants and grocery stores.
The company introduced Impossible Sausage
in grocery retailers nationwide. Formulated
with soy protein, coconut oil, sunflower
oil and heme, the ground sausage alternative
was designed to look, cook and taste like pork
sausage with less fat and fewer calories. The
company previously debuted the item in restaurants
including Burger King and Jamba. The
company also revealed plans to commercialize
alternatives to additional meat, fish and dairy
products globally in the future.
Earlier in the year, Impossible Foods reduced
the suggested retail price of its flagship Impossible
Burger by 20% at retail outlets in the
United States, to $5.49 for a 12-oz package.
The company also reduced the prices of its Impossible
Burger patties, 5-lb Impossible Burger
bulk packages and Impossible Sausage sold at
foodservice by 15%.
" Our plan is to reverse global warming and
halt our planet's extinction crisis by making
the food system sustainable, " said Patrick O.
Brown, MD, PhD, founder and chief executive
officer, when the price reductions were announced
in February. " To do that, we need to
make meat better in every way that matters to
consumers - taste, nutrition, convenience and
affordability. With economies of scale, we intend
to keep lowering prices until we undercut
those of ground beef from cows. Today's price
cut is merely our latest - not our last. "
Other milestones achieved during the year
included the company's first national advertising
campaign and plans for a new global headquarters
in the San Francisco Bay Area.
Impossible Foods doubled its headcount in
2020 and planned to hire hundreds more employees
through 2021. CP
Chief executive officer -
Patrick O. Brown MD, PhD
EXECUTIVE MOVES AT
IMPOSSIBLE FOODS
Chief financial
officer -
David Borecky
84 \ October 2021
Chief people
officer -
Leilani Gayles
Chief experience
officer -
Steve Turner
Milling & Baking News * Food Business News * Baking & Snack * Meat+Poultry * Pet Food Processing * Dairy Processing
Chief science
officer -
John D. York, PhD
Corporate Profiles

Corporate Profiles - 2021

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