Monster energy drinks on sale in London, 7 April 2023. Credit: Just Drinks

Monster Beverage has revealed co-CEO Rodney Sacks will be reducing his day-to-day responsibilities at the energy drink company starting next year.

The US-based business said yesterday (2 May) Sacks will continue to “manage certain areas of the company’s business for which he has always been responsible” alongside its opening quarter results.

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Current co-CEO Hilton Schlosberg, who has been serving in this role with Sacks since 2021, will become the sole chief executive, while Sacks remains chairman.

The decision comes as the Bang Energy brand owner looks to raise $3bn through shareholders.

The move could help the company “continue succession planning for its next phase of leadership” Monster Beverage added.

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Sacks intends to participate in a Monster Beverage tender offer, which would provide him financial flexibility to consider his potential options, the company wrote in a statement.

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In the company’s opening quarter of 2024, net sales increased 11.8% to $1.9bn, with its energy drinks segment accounting for $1.73bn of that figure.

Gross profit as a percentage of net sales for the 2024 first quarter was 54.1%, compared with 52.8% in the 2023 first quarter. Operating income was up from $485m last year to $542 this year.

Meanwhile, net income for the first quarter increased 11.2% to $442m, from $397m in the opening three months of 2023.

Schlosberg said: “We continue to see growth in the energy drink market globally. In the US, energy is the only segment of the beverage category currently showing unit growth.”

He added that the quarter was “again impacted by unfavourable foreign currency exchange rates in certain markets”.