Dive Brief:
- Premier Protein maker Bellring Brands has appointed snack industry veteran Michael Axelrod as CEO to help reinvigorate brands and fend off increased protein shake competition.
- Axelrod will become president and CEO of Bellring effective July 29. He succeeds Darcy Davenport, who is retiring but will stay with the company in an advisory capacity.
- Axelrod was most recently CEO of Snak King, a private label salty snacks manufacturer. His career also includes stints at Del Real Foods, Passport Food Group, TreeHouse Foods and Kraft Foods.
Dive Insight:
Axelrod joins the Premier Protein maker as the company looks to stand out against growing competition. Bellring is a stalwart in the protein shake industry, but competition is mounting as consumers seek out more protein-rich foods.
In May, the company said it had gained at least 40 new competitors in 18 months. In response, Bellring has leaned heavily on promotions and new innovations, announcing it would debut a protein-enhanced soda to fill what it called a white space in the market. It also plans on launching a 42-gram protein shake.
Premier Protein is the No. 1 ready-to-drink protein brand, according to the company. Axelrod said in a statement that Bellring's category expertise and retailer relationships position the company for long-term growth.
“Consumer demand for protein remains exceptionally strong,” Axelrod said in a statement. “I look forward to partnering with the Board and the team to capitalize on the significant opportunities ahead, further strengthen our market position and deliver long-term value for stakeholders.”
In its most recent earnings report, Bellring Brands reported net sales of roughly $599 million, a 2% year-over-year increase. Gross profit, however, declined by $67 million from the prior year due to inflation and a pullback in consumer spending.
