Aug. 8 at 12:45 AM
Celsius Holdings shares rose Friday, recovering part of the previous session’s decline after CNBC reported that Rockstar Energy founder Russ Savage has accumulated a significant stake in the energy-drink maker and is pushing for a leadership overhaul.
Savage said he currently controls 12 million Celsius shares, representing about 4.7% of the company and worth roughly
$300 million at current market levels. He criticized Celsius management after the company delivered disappointing results this week, arguing that strategic and operational mistakes have weakened its performance. Savage said the CEO, COO, brand head and chief marketing officer should all be replaced, while also putting himself forward as a potential CEO.
Savage founded Rockstar in 2001 and sold the brand to PepsiCo in 2020 for
$3.85 billion. He has advised Celsius privately for more than a year, focusing on restructuring its cost base and marketing strategy.
$CELH