Rockstar Energy founder builds 4.7% Celsius stake, calls for CEO ouster and volunteers to take over

Published Aug 7, 03:21 PM UTC

Billionaire Russ Savage, founder of Rockstar Energy, has acquired a 4.7% stake in Celsius Holdings, worth approximately $300 million, and is publicly calling for the ouster of Celsius CEO John Fieldly and other top executives. Savage told CNBC that Celsius leadership must be replaced following a second-quarter earnings miss, where earnings per share of 36 cents fell short of the 43-cent consensus and revenue of $817.9 million missed the $870 million estimate. Savage, who sold Rockstar to PepsiCo in 2020 for $3.85 billion, has been advising Celsius for over a year but says his suggestions were ignored. He criticizes the company for excessive management layers, high costs, and lack of accountability, and warns that losing shelf space in the competitive energy drink market could be fatal. Savage is volunteering to take over as CEO himself, arguing that a hands-on, detail-oriented leader is needed to fix the company's trajectory. Celsius has not responded to requests for comment.