Andy Puzder, the former CEO of CKE Restaurants, the parent company of the chains Carl's Jr. and Hardee's, says that restaurants — if they're prudent — should cater to demand for plant-based meat.
"You really have to meet the needs of this millennial generation," he told Cheddar. "I'm not saying they're killing meat, but you are seeing the demand from that segment."
"If you're in business, you want to appeal to young consumers," he added.
Market research firm Mintel reports that eight-of-10 millennials eat meat alternatives and that one-third of millennials are trying to eat a more plant-based diet. Meanwhile, the Good Food Institute, a non-profit that promotes plant-based products, has estimated that more than $17 billion has been invested in the U.S.-based plant-based meat and dairy sector in total.
"Restaurants aren't the food police. We don't determine what consumers buy. We try to find out what they want to buy, and sell it to them," said Puzder.
"Ten, 15 years ago, if you introduced a plant-based product, it was because people wanted it for health reasons," he said. "This new product that tastes a lot like meat, it's really not healthier, it's got a ton of salt."
"They're buying it for more social policy reasons. I think people want fewer cows so there's less methane. It's sort of a global warming thing," Puzder added. "As long as people want this product, restaurants will sell it."
Puzder told Cheddar he resigned from CKE's CEO position, in part, because he didn't have an "intuitive sense" of changing millennial dining tastes. He left the post in March of 2017, just one month after withdrawing as President Trump's labor secretary nominee after Republican Senators raised concerns over his past.
Beyond Meat ($BYND) and Impossible Foods have seen an explosion in restaurant deals. Beyond Meat, which initially debuted in supermarket aisles, has struck up partnerships with chains including Dunkin', KFC, Subway, and Tim Hortons. Impossible Foods, which won FDA clearance this summer to sell in supermarkets, is now in thousands of Burger Kings, and also sells its plant-based meat in Red Robin, White Castle, and the Cheesecake Factory.
Earlier this year, Carl's Jr. began offering Beyond Meat products.
But some chains are hesitant — or outright hostile — to the trend. For instance, Shake Shack CEO Randy Garutti told Cheddar earlier this year that his company plans won't be diving in plant-based meat just yet. And the leadership at Arby's has been adamant that plant-based meat won't ever be served at the brand's restaurants, and even released its own "marrot," a satirical meat-based carrot product.
Still, Beyond Meat saw one of the most successful public offerings of 2019, with shares that soared for months following the company's debut in the public markets. Impossible Burger remains Beyond Meat's largest competitor, but its executives have been insistent that the company will remain private for now.
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A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
