Russ Savage acquires 4.7% stake in Celsius, pushes for CEO removal

Billionaire Russ Savage, founder of Rockstar Energy, bought more than 12 million shares of Celsius Holdings, giving him roughly a 4.7% ownership stake valued at about $300 million. After Celsius reported a second‑quarter earnings miss, Savage publicly called for the dismissal of CEO John Fieldly, the COO, the brand manager and the marketing manager, and said he would be willing to take the CEO role himself.

Celsius shares rose about 12% on the news of Savage’s stake, but earlier the stock had fallen 18% following the earnings disappointment. The company responded that it welcomes ideas from shareholders and remains focused on its energy‑drink portfolio and long‑term growth. Savage founded Rockstar in 2001 and sold the brand to PepsiCo in 2020 for more than $4 billion, while PepsiCo still owns the Rockstar brand outside the United States and Canada.