Celsius Holdings Inc. (NASDAQ:CELH) stock surged Friday after Rockstar Energy founder Russ Savage disclosed a 4.7% activist stake.
Savage told CNBC he controls over 12 million in company stock, worth approximately $300 million at current market levels.
Executive Ouster Demanded
Savage, who founded Rockstar in 2001 and sold it to PepsiCo Inc. in 2020 for over $4 billion, urged leadership changes following the second-quarter earnings report. "The CEO, the COO, the brand manager and the marketing manager all need to be fired," Savage told CNBC.
Celsius Company Statement
