Monster Beverage co-CEO Rodney Sacks will step down from the company in June, leaving Hilton Schlosberg as the beverage company’s sole chief executive, according to a filing with the U.S. Securities and Exchange Commission on Monday.
Sacks and Schlosberg are considered the co-founders of Monster, which transformed from a soda and juice provider into an energy drink powerhouse.
Sacks will continue to serve as chairman through the end of 2026 if he is re-elected to the position. Schlosberg will be the sole CEO effective June 13.
According to the filing, the departure of Sacks, who is 75, is part of a planned retirement.
Sacks’ decision to step down comes amid a difficult period for the company as it faces competition from growing energy drink brands such as Celsius and Ghost, which was recently purchased by Keurig Dr Pepper for more than $1 billion.
Monster's alcohol venture launched in 2023 — which includes hard carbonated and tea products — also has struggled, prompting the company to take $130 million in impairment charges on the business in February.
Monster’s overall portfolio continues to grow as energy drinks gain prominence. It posted $1.8 billion in sales in its most recent quarter, growing 4.7% year-over-year, according to its earnings report.
Sacks is the latest CEO to announce their departure in the food and beverage space in the last few months. Hershey, The Campbell’s Company, Nestlé and Unilever are among the companies that have announced CEO changes.
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