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

Published Aug 7, 08:23 PM UTC

Russ Savage, billionaire founder of Rockstar Energy, has acquired a 4.7% stake in Celsius Holdings (worth ~$300 million) and is publicly calling for the ouster of Celsius's CEO and top management after the company's second-quarter earnings missed analyst expectations. Savage told CNBC he now controls over 12 million shares and wants to become CEO himself, citing management missteps, excessive costs, and a loss of shelf space. Celsius shares fell 18% after reporting earnings of 36 cents per share versus the 43 cents expected, with revenue of $817.9 million below the $870 million forecast. Celsius responded that it welcomes value-creating ideas from shareholders and remains focused on its energy portfolio strategy. Savage, who sold Rockstar to PepsiCo for over $4 billion in 2020, claims he has been advising Celsius for over a year but was ignored, and argues the company needs decisive leadership to avoid losing shelf space to competitors like Red Bull and Monster.