Meati: New CEO to Prioritize ‘Right Sizing’ Workforce Amidst New Round of Layoffs

Adrianne DeLuca Feb. 21, 2024 at 12:30 PM

Just two weeks into his tenure as CFO at Meati, Phil Graves is getting a promotion.

The mycelium root-based protein company this week elevated Graves, a former Patagonia exec, to CEO, following the departure of president/COO Scott Tassani earlier this month.

“This was a joint decision with Phil, the Board and [founder] Tyler [Huggins] to leverage Phil’s success in scaling mission-driven organizations,” said a spokesperson for Meati. “Phil brings deep expertise in financial management, strategic planning, and operational optimization, and his passion and skill for driving profitable growth is exactly what Meati needs now.”

Graves previously helped scale businesses including Patagonia, Wild Idea Buffalo, and Bass Pro Shops/Cabela’s. He most recently served as CEO of Wild Idea Buffalo and has expertise in driving profitable growth, financial management, strategic planning, and operational optimization.

While Graves is getting promoted, Meati is making cuts elsewhere. The company announced it is trimming 13% of its employees as Graves prioritizes “right sizing” the company’s workforce as part of its push toward profitability. This weeks’ layoffs are the only expected personnel changes currently, the spokesperson noted.

The news comes less than six months after the Boulder, Colo.-based company raised $50 million to give itself an “economic cushion” before proceeding to terminate 10% of its employees; the layoffs impacted 20% of the company, or 60 roles, but 30 were offered new positions within the business.

At the time, the company also decided to close its pilot scale production plant. All of these efforts have been made to put the protein player on a path toward profitability, which it now believes is in view.

“Meati has a clear path to profitability that includes aiming to be EBITDA positive within the next 12 months,” said a spokesperson. “Phil is focused on helping drive Meati to near-term profitability and responsible, sustainable growth as the company continues to disrupt the food industry by bringing MushroomRoot, a revolutionary, new protein to market.”