BellRing CEO's pay falls as company misses earnings target

David Nicklaus

Darcy Horn Davenport's pay fell 15% in her first year as chief executive of BellRing Brands because the company missed its earnings and revenue targets.

BellRing, a Brentwood-based maker of protein shakes and other active nutrition products, disclosed its executives' pay in a filed Wednesday.

Davenport earned $2.98 million in fiscal 2020, which ended Sept. 30, down from $3.5 million the previous year. She was named CEO just before BellRing completed an initial public stock offering in October 2019.

Davenport's salary rose 21% to $625,000, but her bonus of $497,656 was just 64% of the target amount. She also received stock worth $1.03 million and options valued at $760,032.

BellRing notes that it didn't adjust its bonus targets for COVID-19 pandemic's effect on earnings, even though that was a factor outside of executives' control. In its fourth-quarter , the company said its sales were hurt by "lower on-the-go consumption" during the pandemic.

BellRing was part of Brentwood-based Post Holdings before the 2019 IPO, and Post still owns 71% of BellRing.