Beyond Meat, Inc. (NASDAQ: NASDAQ:BYND) announced today the appointment of Yi (Jevy) Luo as the company's new principal accounting officer, effective immediately. Luo, 47, takes over from Lubi Kutua, who served as interim principal accounting officer while continuing his roles as Chief Financial Officer and Treasurer.
With a robust background in finance and accounting, Luo brings extensive experience to Beyond Meat. His previous tenure includes serving as Vice President, Corporate Controller at Herbalife (NYSE:HLF) International from July 2020 until his recent move to Beyond Meat.
Luo's career also includes significant roles at The Chemours Company (NYSE: NYSE:CC) and E.I. du Pont de Nemours and Company (NYSE: DD), as well as over seven years at Deloitte & Touche, LLP, where he last held the position of Senior Manager.
Luo's academic credentials include a Bachelor of Science in Naval Architectural and Industrial Engineering from Shanghai Jiao Tong University and an MBA in Corporate Finance and Accounting from Pennsylvania State University. He is also a licensed Certified Public Accountant in the State of Pennsylvania.
As part of his compensation package, Luo will receive an annual base salary of $315,000 and is eligible for an annual bonus with a target of 35% of his base salary, prorated for the fiscal year 2024. Moreover, he will receive a one-time sign-on bonus of $30,000, which is subject to repayment on a pro-rata basis if his employment is terminated before the one-year mark.
Pending approval from the Human Capital Management and Compensation Committee, Luo will be granted stock options and restricted stock units (RSUs) under the company's 2018 Equity Incentive Plan, each valued at $200,000. These equity awards are structured to vest over four years, with specific vesting schedules provided in the announcement.
Furthermore, Luo will enter an Indemnification Agreement with Beyond Meat, ensuring that the company may cover certain legal expenses related to his service as an officer.
This announcement comes as Beyond Meat continues to position itself in the plant-based food industry, with the strategic appointment reflecting the company's commitment to robust financial leadership. The information is based on a press release statement.
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