US – American energy beverages company Monster Beverage has announced the appointment of long-term CFO Hilton H. Schlosberg as co-CEO of the company.

According to a statement from Monster Beverages, Schlosberg has resigned from his positions as president, CFO, COO and secretary of Monster Beverage and will now serve as co-CEO alongside Rodney C. Sacks.

The statement further revealed that Sacks, who has occupied the role of CEO since 1990, will also continue as chairman of the board and Schlosberg will continue as the board’s vice chairman.

Schlosberg has been with the American energy drink maker for more than 30 years and  has held senior leadership positions at the company including as the company’s CFO for over 23 years.

“For decades, Hilton has been my business partner in running the company. Hilton and I have operated as co-leaders of the company as it has grown over the years,” said Monster Beverage chairman and co-CEO, Sacks.

The appointment of long-term CFO Hilton H. Schlosberg as co-CEO comes at a time when the energy drink company is receiving positive ratings in the stock markets.

According to InvestorsObserver, Monster Beverages has a rating of 91, putting it near the top of the Beverages – Non-Alcoholic industry.

Monster Beverage Corp’s score of 91 means it scores higher than 91% of stocks in the industry.

Overal, Monster Beverage Corp currently has an overall rating of 75, putting it above 75% of all stocks.

In its recently released third quarter results, the company reported that its net sales for the 2020 third quarter increased 9.9 percent to US$1.25 billion from US$1.13 billion achieved in the same period last year.

Gross sales for the 2020 third quarter increased 11.1 percent to US$1.46 billion from US$1.32 billion in the same period last year.

Succeeding Schlosberg in his role as Monster Beverages Chief Finance Officer is  Thomas J. Kelly as the company’s CFO, succeeding Schlosberg.

Sacks and Schlosberg said jointly: “We are pleased for Tom as he steps into the position of CFO. Tom has extensive experience from his many years at the company, most recently as executive vice president of finance, and this is a seamless transition for the company.”

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