At a Glance

  • Premier Protein maker BellRing Brands has appointed snack industry veteran Michael Axelrod as CEO to revitalize the brand and address intensifying competition in protein shakes.
  • Axelrod will assume the role of BellRing's president and CEO on July 29, succeeding Darcy Davenport, who is retiring but will remain as an advisor.
  • Axelrod most recently served as CEO of Snak King, a private-label savory snack manufacturer, and his career also spans companies such as Del Real Foods, Passport Food Group, TreeHouse Foods, and Kraft Foods.

Deep Dive

Axelrod joins the Premier Protein maker as it seeks to stand out amid growing competition. BellRing is a leader in the protein shake industry, but competitive pressure has been rising as consumer demand for high-protein foods grows.

In May, the company said at least 40 new competitors had emerged within 18 months. In response, BellRing has leaned heavily on promotions and innovation, announcing plans to launch a protein-fortified sparkling water to fill what it calls a market gap, and a 42-gram protein shake.

According to the company, Premier Protein is the number one ready-to-drink protein brand. 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 the statement. "I look forward to working with the board and the team to seize the significant opportunities ahead, further strengthen our market position, and create long-term value for stakeholders."

In its most recent earnings report, BellRing Brands reported net sales of approximately $599 million, up 2% year over year. However, gross profit declined by $67 million compared to the same period last year due to inflation and a pullback in consumer spending.