Russ Savage builds Celsius stake and calls to replace CEO John Fieldly

Russ Savage, the founder of Rockstar Energy, says he controls more than 12 million shares of Celsius Holdings, or roughly 4.7%, and is seeking to replace chairman and chief executive John Fieldly. The reported Russ Savage Celsius stake emerged after the energy-drink maker’s second-quarter results fell short of Wall Street expectations and its shares dropped 18% on Thursday, CNBC reported.

Savage said he is putting himself forward as chief executive and wants Celsius to replace senior leadership. His reported holding would be worth about $300 million at the share price cited by CNBC, though no regulatory ownership disclosure was included in the available reporting.

Celsius said it welcomed potentially value-creating ideas from shareholders and remained focused on carrying out its total-energy portfolio strategy. The company added that its board and management had met Savage many times over several years. It did not endorse his proposal.

Why does Russ Savage want to lead Celsius?

Savage told CNBC that Celsius had too many management layers and costs, and that accountability needed to improve. He also criticised decisions affecting product ranges and retail shelf space. Those assessments are Savage’s views and have not been established as findings by Celsius or an independent review.

He said he had advised Celsius for more than a year and began building his latest position in March, when the stock traded in the low-$30 range. Savage founded Rockstar in 2001 and later sold the brand to PepsiCo, according to CNBC.

Earnings miss puts leadership under pressure

Celsius reported second-quarter revenue of $817.9 million, below the $870 million expected by analysts surveyed by LSEG, CNBC said. Adjusted earnings were 36 cents a share, compared with a 43-cent consensus estimate. Net income attributable to common shareholders was more than halved from the same quarter a year earlier, CNBC reported.

On the earnings call, Fieldly attributed the shortfall in part to a programme that reduced the number of products sold, a deliberate pause in innovation, and the work of integrating Alani Nu and the Rockstar business in the US and Canada, CNBC reported. He said the company might have cut product lines too aggressively to create room for newer offerings.

How are Celsius, Rockstar and PepsiCo connected?

The governance challenge has an unusual commercial link: Celsius acquired Rockstar Energy in the US and Canada from PepsiCo in August 2025, while PepsiCo retained Rockstar rights internationally.

Under the companies’ August 2025 announcement, PepsiCo bought $585 million of newly issued convertible 5% preferred shares in Celsius. PepsiCo’s ownership rose to approximately 11% on an as-converted basis at that time, and it gained the right to nominate another Celsius director.

PepsiCo also became distributor for Celsius, Alani Nu and Rockstar in the US and Canada. The arrangement placed the three brands in a single portfolio, with Celsius directing the energy strategy in the US. PepsiCo’s 2025 ownership figure and Savage’s reported 2026 holding are from different dates and do not establish their current relative stakes.

This story draws on original reporting from CNBC.