Beyond Meat suspends COO after alleged nose biting incident

Yahoo Finance Live anchors discuss reports that Beyond Meat has suspended its COO.

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[AUDIO LOGO]

BRAD SMITH: Also here, Beyond Meat. We've got to give you an update there. Beyond Meat has suspended its Chief Operating Officer Doug Ramsey. This is after he was arrested over the weekend for allegedly biting someone's nose after a football game at the University of Arkansas. The police report also noted that Ramsey allegedly punched through a back windshield of another vehicle during a fit of rage.

So Beyond Meat shares, perhaps a little bit of relief in the day. But at the same time, we're seeing broader markets move higher, more specifically as related to the action that Beyond Meat has taken here.

It is noteworthy because, perhaps, it just gets the CEO story-- or alleviates Beyond Meat from the COO story that has certainly been swirling around the brand at a time where they're just trying to make sure that the customers know about what they're trying to introduce going into the holiday season, where some of those functions could be taking place that they can capitalize on.

JULIE HYMAN: I mean, this stock is down 74% year-to-date. So really the sort of daily move to the up or the down side, or the sideshow of a story like this, which no company wants to have to deal with a COO who's been arrested, let alone for something like this. But really, the problem is there's increasing competition in this marketplace from the likes of Impossible. But also, a lot of stores are coming out with their own brands--

BRAD SMITH: Yeah.

JULIE HYMAN: --and their own versions of plant-based meat. Even as it gets more pot-- more popular, it is getting more competitive. And it's getting more expensive for Beyond Meat to source and make this stuff. So all of--

BRAD SMITH: Innovation, yes?

JULIE HYMAN: --that is an issue. Yes, I guess so.

BRAD SMITH: [LAUGHS]