Celsius Holdings has removed its president and chief operating officer, Eric Hanson, and reshuffled several other senior positions, the Florida-based energy drink company announced August 10. The company called the changes an "organisational realignment" to support its total energy portfolio strategy.
The company did not say why Hanson left or whether it plans to fill his position.
Tyler Bohannon, previously executive vice-president of North American sales, was promoted to chief commercial officer. In that role, he will oversee field sales, key retailer accounts, direct-store-delivery operations and revenue growth management across the company's brand portfolio. Before joining Celsius, Bohannon held senior positions at Nestlé Waters, Coors Brewing, Rockstar Energy and PepsiCo.
Tony Guilfoyle, formerly chief customer officer, was moved into a newly created role as chief business transformation officer. Celsius said he will lead company-wide initiatives that include "strengthening cross-functional execution, advancing operational excellence" and "supporting AI adoption." Guilfoyle joined Celsius in 2020 after serving as executive vice-president of sales at Rockstar Energy for more than a decade.
Chairman and CEO John Fieldly said the leadership changes had been in the works for some time. "Strengthening our commercial organisation and enterprise capabilities is an important part of our long-term strategy to grow our scaled portfolio of leading brands, and these actions have been evaluated and discussed over the past several months," he said.
The announcement came days after Celsius reported second-quarter results that fell short of Wall Street expectations. Revenue for the quarter rose 11% to $817.9 million, contributing to a 50% increase in the first half of the year to $1.6 billion. However, William Blair analyst Jon Andersen said the second-quarter sales figure came in 8% below his firm's forecast and 6% below the consensus estimate among Wall Street analysts.
Revenue from the company's namesake Celsius brand dropped nearly 12% in the quarter. The company attributed the decline to higher trade and promotional investment and the timing of shipments tied to inventory rebalancing. The company's shares slipped following the earnings release.
