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Russ Savage, who sold Rockstar to PepsiCo for more than $4 billion, now controls roughly 4.7% of Celsius Holdings stock
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Russ Savage, the founder of Rockstar Energy, has built a stake of more than 12 million shares in Celsius Holdings and is calling for the removal of its chief executive after the energy drink company reported second-quarter results that missed analyst expectations earlier this week.
Savage told CNBC that the position represents approximately 4.7% of Celsius Holdings, with a market value of around $300 million given where the stock currently sits. He said he is pushing for the departure of Celsius Holdings Chairman and CEO John Fieldly, as well as the company's chief operating officer, brand manager, and marketing manager. "The CEO, the COO, the brand manager and the marketing manager all need to be fired," Savage said. He also said he is willing to step in as CEO himself. "I'm publicly volunteering to do it," he said. "The CEO has lost credibility with the investment community."
