Celsius Holdings , Inc. (NASDAQ:CELH), a player in the carbonated soft drinks industry, announced changes to its Board of Directors, as reported in a recent SEC filing. Jim Lee has resigned from the board as of September 19, 2024, following his departure from PepsiCo (NASDAQ:PEP). Lee's exit is not due to any disagreements with Celsius.
His term was set to end at the 2025 annual stockholders meeting. PepsiCo, which holds the right to designate a nominee to the board, will name a successor for the vacated position.
On September 18, 2024, Hans Melotte, 57, was appointed to the board to fill a vacancy created by the departure of Alexandre Ruberti. Melotte brings over three decades of experience from the consumer goods sector, having held significant positions at Starbucks (NASDAQ:SBUX) and Johnson & Johnson (NYSE:JNJ). He also serves on the boards of Revlon, Cartamundi, and Pendulum Systems.
Melotte's appointment, effective immediately, includes membership on the Audit and Enterprise Risk Committee and the Human Resources and Compensation Committee. His term will extend to the 2025 annual stockholders meeting.
The company confirmed that Melotte will receive the standard compensation for non-management directors as outlined in the 2024 Proxy Statement filed on April 12, 2024.
The company disclosed no arrangements or understandings between Melotte and any other persons in connection with his appointment. Additionally, no material transactions involving Melotte exceeding $120,000 have occurred since the last fiscal year's start, nor are any proposed.
This board reshuffling is part of Celsius Holdings' ongoing governance and comes amid no reported conflict or disagreement within the company's leadership. The information is based on a press release statement.
In other recent news, Celsius Holdings has undergone a series of noteworthy developments. The company has appointed Hans Melotte, a seasoned executive with experience at Starbucks and Johnson & Johnson, to its board. This follows the resignation of Jim Lee, a PepsiCo designee. In the financial realm, Celsius Holdings has faced significant adjustments due to inventory reductions by PepsiCo.
These reductions are projected to impact the company's sales and EBITDA for the third quarter and the full year of 2024. As a result, multiple financial firms, including Truist Securities, Piper Sandler, Jefferies, Roth/MKM, and BofA Securities, have revised their revenue and EBITDA estimates for Celsius Holdings.
Despite these adjustments, the company reported a 23% increase in total revenue, reaching a record $402 million, and a 30% rise in international revenue to $19.6 million. Additionally, Celsius Holdings is considering Jim Lee for a future role on the Board of Directors.
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