Russ Savage, holding 4.7% of Celsius, calls for leadership changes following a 45% drop in Q2 net income to $55.3 million.
Celsius Holdings faces pressure from activist investor Russ Savage, who owns 12 million shares worth $300 million, to remove CEO John Fieldly after Q2 earnings disappointed. The company reported $817.9 million in revenue, up 11% year-over-year, but missed analyst forecasts, while net income plunged 45% to $55.3 million from $99.9 million a year earlier.
Analysts had expected stronger adjusted earnings per share, which came in at 36 cents. Fieldly cited product rationalization and a pullback on new launches as factors, along with challenges integrating the $1.8 billion Alani Nu acquisition. The stock fell 18% following the results.
Savage, founder of Rockstar Energy, criticized the leadership team and offered to step in as CEO, arguing Fieldly has lost credibility with investors.