Hampton Creek’s Board Resigns
Start-up Hampton Creek has lost at least five members of its board of directors in the last month in a disagreement with co-founder and CEO Josh Tetrick, according to a Bloomberg report, continuing the company’s woes.
Tetrick views the board shakeup as a way to give the company’s staff more power. In a statement, he said, “Ensuring our employees maintain their ability to direct our mission is as critical as the technologies we deploy and the products we launch. We will always protect this principle.”
Hampton Creek developed an eggless mayonnaise product in 2011 under the Just brand name and has raised more than $220 million in capital since it was founded. Investors began to raise concerns after another Bloomberg report noted that the company bought back its products from supermarkets; a federal inquiry found no wrongdoing. However, Target Corp. announced last month that it was removing the product from its shelves. The company now offers dressings, mayos, mixes, cookies and cookie dough.
In April, Tetrick fired several senior staff and three top executives left the company soon after, whom Hampton Creek accused of a coup.