Celsius, Rockstar and PepsiCo: The Founder Who Sold the Brand Now Wants to Run the Buyer

In 2020 one man sold Rockstar Energy to PepsiCo for $3.85 billion. In 2025 PepsiCo sold the US and Canadian rights to that brand on to Celsius Holdings. Last week the same man said he owns 4.7% of Celsius and wants to run it.

His name is Russ Savage. He was born Russell Weiner. He started Rockstar in 2001 and owned 85% of it when PepsiCo bought it. He told CNBC on 7 August that he now holds more than 12 million Celsius shares, worth about $300 million. He wants the chairman and CEO, John Fieldly, to leave. He wants three more senior people to leave with him. He has offered to take the top job himself.

Celsius said it welcomes ideas from owners that could add value. Board members and managers have met Savage several times over the years, it said. The firm said it stays focused on its energy drinks plan and on growth that lasts.

He picked his moment

Celsius reported second quarter results on 6 August. Sales came in at $817.9 million. The market had looked for $887.7 million. Earnings per share were 36 cents against a forecast of 42 cents. The shares fell more than 18% the next day.

Savage says he started buying in March, when the stock sat in the low $30s. So he is down on the trade. The shares rose about 12% to $26.60 when his plan broke, which helps, but he is still under water. That matters. An owner who is losing money has more reason to push and less reason to wait.

Celsius paid for Rockstar with its own shares

Here is the part few people have joined up. In August 2025 Celsius bought the Rockstar brand in the US and Canada from PepsiCo. It did not hand over cash. PepsiCo took $585 million of new Celsius stock that pays 5% a year and can turn into normal shares. That lifted PepsiCo to about 11% of Celsius.

So Celsius bought a brand by printing paper. Paper does not go away. It widens the group of people who own a vote in your firm. It also puts your own shares in the hands of a seller who knows the trade better than you do. A year later a man with $300 million of Celsius stock is asking the board to fire its leader.

PepsiCo sits on both sides

PepsiCo is the quiet party in this fight and the strongest one. It sold Rockstar to Celsius. It holds about 11% of Celsius. It ships Celsius, Alani Nu and Rockstar to shops across the US and Canada. In the second quarter Celsius booked $492.3 million of its $817.9 million of sales through PepsiCo. That is about three fifths of the firm.

So the largest owner is also the largest customer and the road to every shelf. No board fight at Celsius gets settled without PepsiCo taking a view. PepsiCo has said nothing in public. It does not need to.

A founder buying back in, one layer up

Founders who come back are rare in food and drink. Most people who sell a brand for billions buy a boat. Savage bought into the firm that now owns his old brand. His charge is plain. He says there are too many layers between the boss and the shelf, and too few people held to account.

That charge is easy to test. Celsius has bought two brands in two years. Alani Nu closed in April 2025. Rockstar closed in August 2025. Each came with staff, plans and its own way of doing things. Costs grow in that kind of year. So do meetings. Celsius also bought back $100.4 million of its own shares in the quarter. That is part of a $300 million plan for the year.

What decides this

Three things. First, whether Savage files a formal notice and starts calling other owners. Second, whether PepsiCo backs the board or stays silent. Third, the next set of results. If the shares keep sliding, that buy-back spend starts to look like poor use of cash. The board then loses one of its best defences.

For buyers and boards the lesson sits in the payment method. Celsius solved a brand problem with stock and took on an ownership problem it cannot undo. Paper is the cheapest money in a good year and the dearest in a bad one. Anyone weighing a share deal this year should price that risk before the ink dries. They should also ask a second question first. Who can buy this paper from the seller later, and what would they want with it?