Exclusive: Impossible Foods appoints new CFO ahead of highly anticipated IPO

Impossible Foods Inc. will publicly announce a new CFO and chief human resources officer on Monday as talks about a possible IPO for the plant-based meat maker continue to sizzle.

The Silicon Valley plant-based meat company exclusively told MarketWatch that David Borecky, who initially joined Impossible as chief accounting officer and served as interim chief financial officer, will definitely take on the role of chief financial officer. Previously, he held senior management positions in finance and corporate development at Square Inc. SQ,
+ 0.27%
prior to its IPO, and was Controller of Stripe Inc.

“Despite the devastating impact of COVID on the restaurant industry, we have more than doubled the number of restaurants serving Impossible products since the pandemic began in March 2020,” Borecky told MarketWatch in an email. He declined to comment on a possible public listing.

Asked about an impending public offering, a spokeswoman for Impossible referred to a Reuters report in April that the company was aiming for a public listing that would value it at around $ 10 billion. Impossible is considering an IPO through an IPO by spring 2022 or a merger with a special purpose acquisition company, or SPAC, people familiar with the matter told Reuters.

Leilani Gayles, who was in charge of human resources for the San Francisco Giants for a decade, will take over human relations for Impossible with the same title.

“Leilani and David are amazing leaders who share our vision to turn back the clock on climate change by transforming the global food system,” Impossible Foods CEO Patrick Brown said in a statement.

The move comes just days after rival Beyond Meat Inc. BYND,
+ 4.04%
reported mixed financial results and issued a warning in the third quarter regarding the potential impact of COVID-19 on retail and restaurant demand.

Impossible Foods claimed that retail sales of plant-based foods had jumped 43% in the past two years, outpacing total food sales growth by nine times, in its 2021 State of Health report. meat in foodservice released last week. Sales of plant-based meat rose 45% last year, he said, and new CFO Borecky hopes to lower prices to make food more accessible.

“It’s exciting to start to see the prices of herbal products go down, while in some categories the prices of animal meat go up,” Borecky said in an email. “As we achieve economies of scale, we will continue to lower our prices, and we have already done this three times in the past year and a half. Meanwhile, the unitary economy of the meat industry has already reached its peak.

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