Investing.com -- Celsius Holdings (NASDAQ: CELH) shares surged 12% Friday, paring some of the previous session’s decline, after CNBC reported that Rockstar Energy founder Russ Savage has built a stake in the company and is seeking to replace its CEO.

Savage told CNBC he now controls 12 million shares of Celsius, amounting to roughly 4.7% of the energy drink company. The stake would be worth approximately $300 million at current stock levels.

The Rockstar founder said Celsius leadership needs to be replaced following this week’s earnings miss and what he called management missteps. Savage is putting himself forward to become CEO.

"The CEO, the COO, the brand manager and the marketing manager all need to be fired," Savage told CNBC.

Savage founded Rockstar in 2001 and sold the energy drink company to PepsiCo in 2020 for $3.85 billion. He has been quietly advising Celsius to change its cost structure and marketing strategy for over a year, but now says new leadership is needed.