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A-Brands

Impossible Foods Names New CFO Ahead Of Potential Listing

Impossible Foods has announced the appointment of David Borecky as its chief financial officer, ahead of a potential stock market listing that could value the Beyond Meat rival at about $10 billion (€8.5 billion).

Borecky, who had been serving as the interim finance chief at the business, had earlier held positions at fintech giant Stripe and payments services company Square Inc. He had played a crucial role in Square's initial public offering in 2015.

“Meeting the unprecedented demand for Impossible products while continuing to invest in R&D and technology is what fuels our long-term growth," Borecky commented "As CFO, my goal is to build an efficient, data-driven and scalable finance operation that delivers on the promise of our mission for consumers, investors, and the planet."

Going Public

Reuters reported in April that Redwood City, California-based Impossible Foods was seeking to go public through an IPO or a merger with a special purpose acquisition company.

The company on Monday also announced the appointment of Leilani Gayles as its chief people officer. Gayles joins the company after a decade at baseball team the San Francisco Giants.

Founded in 2011, Impossible Foods is backed by high-profile names including Microsoft Corp co-founder Bill Gates, Google Ventures and UBS Group AG.

It has received nearly $1.5 billion in funding so far, thanks to the rising popularity of the plant-based meat industry due to environmental and ethical concerns among consumers.

"Leilani and David are extraordinary leaders who share our vision of turning back the clock on climate change by transforming the global food system,” commented Impossible Foods’ chief executive and founder Dr. Patrick O. Brown.

News by Reuters, edited by ESM. For more A-Brands stories, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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