Rockstar Energy Founder Seeks Ouster of Celsius CEO After Earnings Miss
Russ Savage, founder of Rockstar Energy, has acquired a stake exceeding 12 million shares in Celsius Holdings and is demanding the removal of the company's chief executive. This follows Celsius Holdings' second-quarter results, which fell short of analyst expectations earlier this week. Savage's move signals growing shareholder discontent with the company's performance and leadership. The demand for CEO removal comes amid a competitive energy drink market, where Celsius has been vying for market share against established players. Savage's involvement, given his background in the industry, adds weight to the call for change. The company has not yet publicly responded to Savage's demands. The situation highlights the pressures facing energy drink companies in a saturated market and the potential for activist investors to influence corporate governance.
Key facts
- Russ Savage is the founder of Rockstar Energy.
- Savage has built a stake of more than 12 million shares in Celsius Holdings.
- Savage is calling for the removal of Celsius Holdings' CEO.
- Celsius Holdings reported second-quarter results that missed analyst expectations.
- The earnings miss occurred earlier this week.
- The demand follows the earnings miss.
- Savage's stake is significant enough to potentially influence corporate decisions.
- The company has not yet responded publicly.
Entities
Institutions
- Rockstar Energy
- Celsius Holdings
Sources
- Quartz —