Russ Savage says he built Celsius stake and wants to replace CEO John Fieldly
Rockstar founder Russ Savage says he owns roughly 4.7% of Celsius and wants the CEO role after the company missed quarterly expectations.
By Theo Nakamura · Staff Writer
· 3 min read
Russ Savage, the founder of Rockstar Energy, said he has accumulated a roughly 4.7% stake in Celsius Holdings and is offering to take over as chief executive. The reported Russ Savage Celsius stake campaign follows a second-quarter earnings miss that sent the energy-drink maker’s shares down 18% on Thursday, according to CNBC.
Savage told CNBC he controls more than 12 million Celsius shares, a position worth about $300 million at the stock levels cited in the report. The supplied material does not include an SEC ownership filing confirming the holding, a proxy contest, or a statement from Celsius’ board.
He called for the removal of CEO and Chairman John Fieldly and other leaders, arguing that Celsius needs lower costs, fewer management layers and changes to its marketing approach. Those are Savage’s views, not findings established by Celsius or its board.
Celsius did not immediately respond to CNBC’s request for comment. There is no indication in the available record that Fieldly has agreed to leave or that the board has acted on Savage’s proposal.
Why does Russ Savage want to run Celsius?
Savage tied his push to Celsius’ latest results and to what he characterized as operational mistakes. He told CNBC that he had offered the company advice for more than a year and began building his latest position in March.
In particular, Savage criticized the company’s discussion of reducing its product lineup. He said losing retail shelf space can be difficult for a beverage brand to reverse, because retailers could assign that space to competing products. CNBC reported that he wants a hands-on chief executive who would oversee sales, marketing, distribution, packaging and new products.
Celsius reported adjusted earnings of 36 cents a share for the second quarter, below the 43-cent Wall Street consensus tracked by LSEG, CNBC reported. Revenue was $817.9 million, compared with an $870 million expectation. On the earnings call, Fieldly pointed to product rationalization, a planned pause in innovation and the integration of Alani Nu and Rockstar as reasons for the shortfall, according to CNBC.
What does PepsiCo’s role mean for Celsius?
Celsius acquired the Rockstar Energy brand in the U.S. and Canada from PepsiCo in 2025. PepsiCo retained Rockstar internationally, according to the companies’ August 2025 partnership announcement.
That agreement also put Celsius’ Alani Nu brand into PepsiCo’s U.S. and Canadian distribution system. PepsiCo leads distribution for Celsius, Alani Nu and Rockstar in those markets, while Celsius manages the three-brand portfolio in the U.S., Celsius said.
PepsiCo also bought $585 million of newly issued convertible preferred stock, taking its Celsius ownership to about 11% on an as-converted basis, and received the right to nominate an additional director. That ownership figure and Savage’s reported stake do not establish equivalent voting power or show which way the board might act.
For investors, the dispute lands while Celsius is still integrating a broader portfolio. In its first-quarter release, Celsius said Rockstar retail sales fell 13% year over year for the 13 weeks ended March 29, 2026, while the company’s overall portfolio held about 20.9% of the U.S. ready-to-drink energy category by dollar share.
This story draws on original reporting from CNBC.
