As BD reported in a March 22 email news alert, Coca-Cola has tapped a Chobani executive to run BodyArmor, which Coke acquired last November. Federico Muyshondt will become CEO on April 25, taking over the sports drink and electrolyte water company from current President Brent Hastie, Coca-Cola has confirmed. Hastie retires at the end of this year, sources told BD. Coke announced the move internally. Muyshondt will face the task of maintaining BodyArmor’s momentum as Coca-Cola balances the need to integrate the brand with a desire to give it enough space to maintain a challenger’s edge and premium appeal for consumers. BodyArmor currently runs as a standalone business within Coke. Muyshondt has spent the past four years at Greek yogurt maker Chobani, where he is currently chief commercial officer. He also spent eight years in commercial and sales roles at Danone and worked at PepsiCo’s Frito-Lay unit from 2007 to 2010, according to his LinkedIn profile.
NEW CFO. Coke also named Brook Pointer as CFO of BodyArmor to succeed Tom Hadley, who also retires at the end of the year. Pointer is currently CFO of the still beverage business within Coke’s North America Operating Unit, according to his LinkedIn profile.
PERSPECTIVE. Muyshondt’s role does not include
Powerade, one source said. No other management changes
were announced, according to BD sources. When Coke acquired BodyArmor in November, BodyArmor Co-founder Mike Repole, Hastie, and other leaders agreed to stay on with the brand for at least a year under a consulting and transition-services agreement. Repole
also agreed to collaborate on the company’s still beverages portfolio, including marketing, packaging, and innovation strategies across multiple brands. That arrangement remains intact, according to one of the sources. Prior to last year’s acquisition, multiple Coke bottlers told BD that they wanted Coca-Cola to retain BodyArmor’s management team to ensure the brand continued to grow at a healthy rate. BodyArmor posted dollar and volume gains at retail in 2021 that exceeded +50%. The Coca-Cola bottling system has been BodyArmor’s primary US distributor since 2018 and helped the company accelerate share gains. In a research report this morning, Consumer Edge said a recent slowing of sales and share gains “are cause for some level of concern,” adding, “If BodyArmor goes the way of VitaminWater, the market will discount Coca-Cola’s ability to integrate high growth acquisitions.”
COKE RESPONSE. “We are thrilled to welcome Federico Muyshondt to the Coca-Cola Company as CEO of BodyArmor,” Coke said in a statement to BD. “Fed not only brings with him an extraordinary track record of delivering innovation and growth, but he also has a demonstrated ability to build high-performing teams, enabling them to think outside the box. We’re also pleased to announce Brook Pointer as BodyArmor’s Chief Financial Officer. A 25-year veteran of The Coca-Cola Company, Brook currently serves as the Vice President of Finance supporting Coca-Cola’s North America Marketing organization.”
PERFORMANCE. In the 12 weeks ending March 12, dollar sales for Coca-Cola’s sports drink portfolio, which includes Powerade and BodyArmor, grew +24%. Volume sales grew +7.5%, according to Nielsen data cited by Goldman Sachs in an unrelated report.
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