Monster Beverage lays out succession plans as co-CEO Rodney Sacks looks to step back
By Sabela Ojea
Monster Beverage (MNST) said Rodney Sacks will be reducing his responsibilities as an executive of the company starting next year.
The energy-drink maker on Thursday said the decision by Sacks, who intends to remain chairman of the company he started to run in 1990, comes as the company looks to raise $3 billion through shareholders.
Hilton Schlosberg, who has been serving as co-chief executive with Sacks since 2021, would become chief executive.
The move could help the company "continue succession planning for its next phase of leadership," Monster Beverage added.
Sacks intends to participate in a Monster Beverage tender offer, which would provide him financial flexibility to consider his potential options, the company said.
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05-02-24 1743ET
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